Global stocks are striding higher on the first major trading day of 2023 as investors try to look beyond a gloomy outlook for the world economy, China’s worst Covid outbreak and stubbornly high inflation in Europe.
Global stocks are pushing higher on the first major trading day of 2023 as investors try to look beyond a gloomy outlook for the world economy, China’s worst Covid outbreak and stubbornly high inflation in Europe. Europe’s Stoxx 600 index rose 1.2% by 08.42 ET Tuesday, off earlier highs but extending strong gains posted Monday when Chinese and US markets were closed. Germany’s DAX rose 0.7%, while France’s CAC gained 0.5%. US futures were up by around 1%.
Still wary Tuesday’s market gains provide cheery news for investors after a rollercoaster 2022 that saw $33 trillion wiped off global equity markets. Many suffered deep losses in 2022 as central banks hiked interest rates at an unprecedented clip in a bid to control surging inflation. The S&P 500 lost 19.4% over the past 12 months — its worst year since 2008 — despite hitting an all-time high last January. Europe’s Stoxx 600 index fell 12.9%, its steepest annual loss since 2018.
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