Emerging markets currencies and stocks
opened 2024 on a weak footing as investors were cautious ahead
of key U.S. economic data, while factory activity readings
across Turkey, Poland and Czech.
EMERGING MARKETS-Assets start 2024 on glum note; PMIs across Turkey, Poland fall devdiscourse.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from devdiscourse.com Daily Mail and Mail on Sunday newspapers.
Risk sentiment was somewhat mixed on Friday as growth signals from Europe pointed towards continuing headwinds in December. Hawkish comments from NY Fed chief Williams, stating that a March cut seems 'premature', countered further declines in UST yields, though markets are still pricing quite aggressive rate cuts of 140bp next year. In Europe, long-end bond yields fell throughout the day following the weak PMIs. Risk sentiment has turned sour in Asia this morning with equity indices declining across the board.
Germany’s Ifo Business Climate was softer than expected, dropping to 86.4 in December. This was down from a revised 87.2 in November and missed the market consensus of 87.8. Business conditions and business expectations also eased in December and were shy of the forecast, as companies remain pessimistic about the German economy. The lack of confidence mirrors the prolonged weakness in the German economy.