Your Sunday Asia Briefing: Messi’s Moment, Asia’s Rebound
(Bloomberg) — As the FIFA World Cup comes down the the crunch and markets prepare to wind down for the year end, could 2023 be the year of Asia’s surging stocks?
The big rebound: After a dismal two years, the tide is expected to turn for Asian equities, as traders bet on China’s economic reopening and a weaker dollar. Regional stocks could climb 9% through the end of next year, according to a Bloomberg survey of strategists.
The big data: This week is all about rates in China, Japan and Indonesia, as China’s commercial banks will probably trim loan costs to support the government’s efforts to stabilize the property market, while the Bank of Japan may give a clue as to when it will change course from holding rates steady, even as data this week could show core CPI inflation at the highest level since 1981. Bank Indonesia may follow the hawkish Federal Reserve and hike by 50 basis points.
The big final: The World Cup final today in Qatar pits Lionel Messi’s Argentina against defending champions France, with each looking to notch up their third win in football’s biggest tournament. In economic terms though, Argentina needs a win more.
The big report: On Monday, the US House committee investigating the Jan. 6, 2021, insurrection at the Capitol will hold a public vote on whether to approve its final report, and whether to refer any findings to the Justice Department for potential criminal prosecution, with former President Donald Trump a possible target. The report and any referrals are scheduled for Wednesday.
The big cap: In Europe, energy ministers meet again to discuss gas price caps and other possible measures to hold down energy costs as temperatures plummet and Russia’s war in Ukraine grinds on.
The big take: Here are the 50 people who defined the world of business this year.
And finally, if you’re looking for areas for recovery in Asia in the new year, consider this: Only two Asian cities made it into the top 25 tourism destinations worldwide in 2022. These are the places that dominated the rankings.
Have a festive year-end and see you in the New Year.
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