China Manufacturing Slumps; Japan Assesses Quake Damage; Mixed Outlook for Asia-Pacific Markets in 2023
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China's manufacturing activity contracted further in December, with the official purchasing managers' index falling to 49 from 49.4 in November. This signals the economy likely needs more policy support.
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Japan is assessing damage from a powerful 7.6 magnitude earthquake that struck on New Year's Day. Markets there are closed until January 4.
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Asia-Pacific markets were set for a mixed start to 2023 based on futures trading. Japan's Nikkei 225 ended 2022 up over 28%.
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Australia's manufacturing sector contracted for the 10th straight month in December per a private survey. The pace of decline was the fastest since May 2020.
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Goldman Sachs sees promise in European integrated oil stocks, naming totalenergies and ENI as top picks thanks to enhanced buyback programs and double-digit cash returns.