Daily Market Insight

• U.S. construction spending rebounds in November • German inflation drops by more than expected in December • Japan Dec factory activity posts sharpest fall in more than 2 years • Oil prices nurse steep losses as markets look to Fed minutes

• Darkest days likely over for euro zone factories, Dec PMIs show • China Dec factory activity extends declines on COVID surge – Caixin PMI • Singapore GDP growth slumps in 2022 as trade slowdown weighs • Asia FX extends new year gains, Japanese yen surges to 7-mth high

• U.S. pending home sales sag more than expected in November • South Korea Dec exports to fall for third month as China demand still weak • Vietnam 2022 GDP growth quickens to 8.02%, fastest since 1997 • Oil prices ease, China COVID spike hurts demand outlook

• German businesses expect only mild recession as disruptions ease • China’s industrial profits slump on COVID fallout, next year seen improving • Thai Nov exports drop 6.0% y/y, slightly worse than forecast • Dollar edges to one-week high vs yen amid spike in Treasury yields

• U.S. new home sales increase again in November • Japan retail sales up for 9th month led by tourism help • China Jan-Nov industrial profit data shows deepening slump • Dollar retreats as risk appetite improves; Australia, NZ currencies rise

• U.S. consumer spending, inflation rise moderately amid rate hikes • Canada’s economy slows in October, but still resilient after rate hikes • Japan's consumer inflation hits fresh 40-year high, eyes on BOJ policy • U.S. dollar weakens as risk appetite rises with data showing slowdown

• U.S. weekly initial jobless claims rise by less than expected to 216,000 • UK economy was G7 growth laggard in Q3 as dismal 2023 beckons • Thai New Year spending seen at 3-year high as economy rebounds • Oil falls by $1/bbl as rate hike fears outweigh tighter U.S. stockpiles

• U.S. consumer confidence rebounds; existing home sales sink • Soaring energy costs push UK public borrowing to November record • German consumer confidence edges higher again as economy stabilizes • Dollar stabilizes, yen hands back some gains after BOJ shock

• Higher mortgage rates depress U.S. single-family housing starts, building permits • German PPI slumps again in November as energy spike unwinds • BOJ jolts markets in surprise change to yield curve policy • Oil rises past U.S. storm jitters as inventories shrink

• US Homebuilder Sentiment Extends Record Decline to 12 Months • UK factory output and export orders sag in December • Chinese business confidence falls to lowest in almost a decade on COVID • Dollar slips with the yen in demand; BoJ meeting in focus