- China: Industrial production in China grew by 5.1% year-on-year in November, slightly exceeding expectations. Retail sales, however, fell by 2.6%, indicating continued weakness in consumer demand.
- Eurozone: Inflation in the Eurozone remained high at 8.1% in November, though it did show signs of easing from the October peak of 8.6%. The European Central Bank is expected to continue raising interest rates in 2024 to combat inflation.
- US: The US economy added 223,000 jobs in November, slightly below expectations. The unemployment rate remained unchanged at 3.7%. The Federal Reserve is expected to raise interest rates again at its December meeting.
- India: India's economy is expected to grow by 7% in the current fiscal year, according to the International Monetary Fund. However, inflation remains a concern, with the Reserve Bank of India expected to continue raising interest rates in the coming months.
- Latin America: Economic growth in Latin America is expected to slow to 2.8% in 2023, down from 3.7% in 2022. The region is facing headwinds from the global economic slowdown, as well as political uncertainty in some countries.
- Oil prices: Oil prices rose on Friday, supported by expectations of increased demand from China following the easing of some COVID-19 restrictions. Brent crude was up 1.5% to $82.30 a barrel, while US West Texas Intermediate crude rose 1.4% to $77.36 a barrel.
- Gold prices: Gold prices edged lower on Friday, as the US dollar strengthened. Gold was down 0.2% to $1,785.20 an ounce.
- Bitcoin: Bitcoin prices were down around 2% on Friday, trading at around $16,800.
- Stock markets: European stock markets closed higher on Friday, led by gains in the technology sector. The Stoxx 600 index was up 0.4%. US stock markets were also higher, with the S&P 500 up 0.3% and the Nasdaq Composite up 0.5%.
- Dow Jones Industrial Average: +0.3%
- S&P 500: +0.3%
- Nasdaq Composite: +0.5%
- Technology sector: +1.2%
- Energy sector: -0.6%
- Consumer staples sector: +0.3%
- Global economic growth is expected to slow in 2023, with most major economies facing headwinds from the global economic slowdown and inflation.
- Oil prices rose on Friday, supported by expectations of increased demand from China.
- Gold prices edged lower on Friday, as the US dollar strengthened.
- Bitcoin prices were down around 2% on Friday.
- European stock markets closed higher on Friday, led by gains in the technology sector. US stock markets were also higher, with the S&P 500 up 0.3% and the Nasdaq Composite up 0.5%.
Please note that this is a brief summary of the financial news for 10 December 2023. For more detailed information, please refer to the sources listed below.
News Written by Dr Edward N Maltass of THE EViROCKS.
