Global stocks rebound ahead of Fed report, US jobs data
Traders also are looking forward to corporate earnings reports
Beijing: Global stock markets and Wall Street Futures were higher on Tuesday ahead of updates on US jobs amid fears of a possible global recession. Frankfurt, Shanghai and Hong Kong advanced. Seoul declined. Oil prices rose. Coming off a year of big declines for major stock markets, traders worry the Federal Reserve and other central banks might be willing to push the world into recession to cool inflation that is at multi-decade highs. Investors also are uneasy about the impact of Russia's war on Ukraine and China's Covid-19 outbreaks.
"Almost everyone is going into 2023 with a healthy dose of trepidation," Craig Erlam of Oanda said in a report.
The DAX in Frankfurt opened up 0.2 per cent at 14,093.38 while the CAC-40 in Paris was unchanged at 6,594.63. On Wall Street, the futures for the benchmark S&P 500 index and the Dow Jones Industrial Average were up 0.5 per cent ahead of 2023's first day of US trading. The S&P 500 ended 2022 down 19.4 per cent, its biggest decline since the 2008 financial crisis. In Asia, the Shanghai Composite Index gained 0.9 per cent to 3,116.51 and the Hang Seng in Hong Kong rose 1.8 per cent to 20,145.29. Japanese markets were closed. Seoul's Kospi shed 0.3 per cent to 2,218.68 after South Korea's 2022 exports fell 9.5 per cent from the previous year and the country recorded its biggest trade deficit ever.