Asian markets mixed as investors further assimilate China’s modest growth target

UBS raised its growth forecast for China in 2023 from 4.9% to 5.4%, the company said in a report on Monday.

“The economic reopening is going better than we expected earlier – the dreaded ‘second wave’ of Covid did not materialize and there were few signs of supply disruptions,” he said. he said, adding that the global economy has been more resilient than before. predicted.

UBS also raised its 2024 growth forecast for the country to 5.2% from a previous estimate of 4.8%, while lowering its inflation forecast for 2023 from 3% to 2.5%.

—Jihye Lee

A survey by the Japan Confederation of Trade Unions showed unions across the country on average demanding a 4.49% wage hike for 2023, according to a statement on Friday.

This represents an average above 4% for the first time since 1998, the organization said in its statement, and a sharp increase from 2.97% in 2022.

—Jihye Lee

Stock markets are generally in the green this year, but the rally is causing concern, with several risk factors still affecting the market.

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— Zavier Ong

Stocks closed higher on Friday, pushing major averages toward a winning week.

The Dow Jones Industrial Average rose 387.40 points, or 1.17%, to 33,390.97. The S&P 500 climbed 1.61% to 4,045.64, and the Nasdaq Composite gained 1.97% to close at 11,689.01.

For the week, the Dow Jones ended up 1.75%. The S&P gained 1.9% and the Nasdaq jumped 2.58%.

—Tanaya Machel

David Rosenberg, chief economist and strategist at Rosenberg Research, believes the stock market will experience a sustained recovery when the labor market begins to contract in three to four months.

“Right now you have a situation where the stock markets and the credit markets seem to think they have more time they can buy before the boom is really reduced on the economy,” Rosenberg said on CNBC’s “Fast Money” on Thursday.

“There’s no question the economy isn’t strong, but it needs to weaken precipitously. Unemployment needs to start to contract…I think that’s where you’re going to find the risk on the trade “, he added.

The employment picture started 2023 on an incredibly strong note, with nonfarm payrolls posting their largest increase since July 2022. The Federal Reserve could reverse its tightening policy when the labor market shows weakness.

—Yun Li

Relations between Saudi Arabia and the United Arab Emirates are increasingly strained, according to a report by the Wall Street Journal. Citing Emirati officials, the report said the UAE is considering whether it should leave OPEC.

News of the potential oil cartel breakup sent a chill to Brent prices. At one point in Friday’s session, prices had fallen almost 3%, before recovering. Recently, the global benchmark fell 0.85% to $84.03.

The two oil-producing nations are vying for influence and at odds over the direction of the war in Yemen, according to the report.

—Christina Cheddar Berk