November 24, 2023
United States:
Market Are Set for Turmoil as US Growth Slows, Point72’s Drossos Says
Investors should brace for turbulence as the US economy slows this year, according to Point72 Asset Management’s Sophia Drossos.
“We could be in for a period of volatility because of the sharp slowdown that we’re projecting in GDP and that could trigger some recession worries,” Drossos, an economist and strategist who has served as the chief dealer at the Federal Reserve Bank of New York, said in a phone interview last week. Economic growth is set to slow as higher-for-longer interest rates dampen spending and the US consumer will take a step back, she said.
Europe:
Euro-Area Growth Outlook Faces Downside Risks, ECB’s Guindos Says
European Central Bank Vice President Luis de Guindos said there are risks to the current growth outlook and that the euro-area economy may perform worse than currently expected.
Inflation, slower global momentum and monetary policy itself mean the region probably stagnated in the second half of 2023, with the economy likely to perform similarly this quarter as it did in the three months through September, Guindos said at an event in S’Agaro, Spain, on Friday.
Asia:
Japan’s Inflation Quickens, Clouding Price Outlook for BOJ
Japan’s key inflation measure accelerated for the first time in four months, coming largely in line with market expectations that price gains will continue and heightening the Bank of Japan’s dependence on data ahead of its December policy meeting.
Growth in consumer prices excluding fresh food inched up to 2.9% in October from 2.8% in September, staying above the BOJ’s 2% goal for a 19th month, according to the ministry of internal affairs Friday. The median forecast of economists was a gain to 3% amid a reduction of government subsidies for utilities.
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