Asian markets rose again Friday as fears about a possible recession in the US economy were soothed by data showing it grew more than expected in 2022, adding to the broadly upbeat tone across trading floors this year.
There was also a suggestion from the Bank of Canada that it could hold fire at its next gathering, following a programme of tightening. Concern towards the end of the year focused on a possible global recession caused by the restrictive policies, with several observers warning that top economies were likely to suffer a so-called hard landing.
Strickland added:"Announced layoffs do suggest should start ticking higher and continuing claims did rise more than expected."Overnight there were more announced layoffs happening from IBM, SAP and Dow, totalling more than 10,000. This spread of layoffs outside of tech is potentially important given firms had been holding onto workers after struggling to hire and retain them during the pandemic.
Still, Asian traders remain well supported by China's reopening narrative, with expectations the world's second-biggest economy will enjoy a strong recovery this year after three years of damaging zero-Covid policies that essentially cut the country off.
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