While most major global stock markets remained closed on Monday, Europe clearly got off on the right foot in the new year. Shares on its stock exchanges appreciated significantly, despite some bad news.
Where has the biggest increase taken place?
The largest increases were recorded by the stock exchanges in Paris, Milan and Madrid, where they gained more than 1.5 percent during the first trading day of 2023. The Frankfurt Stock Exchange and the pan-European Stoxx 600 stock index also improved by less than one percent. Markets in Asia, the United States and London remained closed on Monday.
Equity markets rose, even though, for example, International Monetary Fund Managing Director Kristalina Georgieva estimated that a third of the global economy will go through a recession this year and that the world is facing a tougher year than the last one.
The manufacturing industry has seen the worst
On the other hand, good mood was brought to the market by the latest data on the Eurozone Purchasing Managers’ Index (PMI) for December. According to the December readings, the manufacturing industry is past its worst as the PMI rose compared to November. The markets also appeared to have reacted to news from the United States, where the number of applicants for unemployment benefits increased at the en
