Technical Analysis

Fitch revise corporate revenues expectations lower – slower growth, mild US, EU recessions

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.”

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
  • CAD is a laggard, down against the big dollar

Gold, silver both higher.

On gold , China back in the market it seems:

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