Fitch Ratings not joining in the post-NFP optimism.
Fitch forecasts global GDP growth will slow to 1.4% in 2023
- from a projected 2.6% for 2022.
- eurozone and UK are likely to have entered recessions in late 2022, with the US following in mid-2023 "as high inflation prompts more interest rate hikes, consumer spending slows and unemployment rises."
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Markets not paying any attention to Fitch ...
Monday Asia is seeing oil up more than USD1 for CL and Brent.
APAC stocks rising:
- Hong Kong’s Hang Seng index +1.4% at the open
- Shanghai Composite +0.6%, Shenzhen Component +0.43%
- South Korea Kospi +2%
- (Jaspan is closed fora holiday)
Across major FX the USD is down almost across the board:
- EUR, GBP, yen, AUD, NZD all higher
Gold, silver both higher.
On gold , China back in the market it seems:
