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."

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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

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On gold Gold Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Read this Term, China back in the market it seems:

• China bought another 30 tonnes of gold in December 2022, following 32 tonnes in November