Five Optimistic Market Assumptions for 2024
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What’s in Today’s Report:
- Weekly Market Preview – Five Market Assumptions to Know As We Start 2024
- Weekly Economic Cheat Sheet – Jobs Report in Focus
Futures are moderately lower to start 2024 amid concerns about China’s economy and rising geopolitical tensions.
Economically, China’s government-issued PMI fell to 49.0 vs. (E) 49.6 in December while President Xi Jinping made some cautious comments on the state of the economy over the weekend that has poured cold water on Asian markets to start the year.
In Europe, the December PMI rose to 44.4 vs. (E) 44.2 but still points to a factory sector deep in contraction which reiterates very real recession risks in the Eurozone in 2024.
Geopolitical tensions are pushing oil prices higher to start the new year after the U.S. Navy sunk three Iran-backed Houthi vessels in the Red Sea this weekend.
Looking into today’s session, the Final U.S. December Manufacturing PMI (E: 48.2) will be in focus this morning and traders will want to see stability in the data in order for stocks to start the new year with an extension of the 2023 rally.
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