Shares began the year mixed, with European benchmarks opening higher on Monday after a lackluster session for the few Asian markets not closed for new year holidays.
U.S. markets are also closed.
This week brings employment data and minutes from the latest meeting of the Federal Reserve, as 2023 begins with persisting uncertainties over the war in Ukraine and over the risk that interest rate hikes meant to tame inflation might lead to recession.
Germany's DAX gained 0.5% in early trading to 13,996.02 and the CAC40 in Paris added 0.7% to 6,520.71. Markets in Britain and in the U.S. are closed Monday in observance of the New Year's Day holiday.
In Asia, South Korea's Kospi fell 0.5% to 2,225.67 and the Sensex in Mumbai gained 0.4% to 61,109.23. Jakarta's benchmark was flat.
Over the weekend, a report showed that Chinese manufacturing contracted for a third consecutive month in December, in the biggest drop since February 2020, as the country grapples with a nationwide COVID-19 surge after suddenly easing anti-epidemic measures.
A monthly purchasing managers' index declined to 47.0 from 48.0 in November, according to data released from the National Bureau of Statistics on Saturday. Numbers below 50 indicate a contraction in activity.
It's uncertain what impact removing strict COVID-19 policies that crimped production for raw materials and goods and discouraged travel will have on the global economy.
The spectre of recession in the U.S. and other major economies, as well as a prolonged slump in China, are factors overhanging markets.
"We expect one third of the world economy to be in recession," Kristalina Georgieva, managing director of the International Monetary Fund, said in an interview Sunday with the CBS television network's "Face the Nation."
"And yes ... even countries that are not in recession, it would feel like recession for hundreds of millions of people," she said.
Georgieva said, however, that the U.S. economy was "remarkably resilient," and that measures such as the Inflation Reduction Act and child tax credit measures were "good for the U.S. Good for the world."
The minutes of the Fed's meeting potentially will give investors more insight into its next moves. The government will also release its November report on job openings Wednesday. That will be followed by a weekly update on unemployment on Thursday. The closely-watched monthly employment report is due Friday.
Wall Street is also waiting for corporate earnings reports that are due to start flowing in around mid-January. Companies have told investors inflation will likely crimp their profits and revenue in 2023, even after they raised prices on everything from food to clothing to offset inflation, helping to pad their profit margins.
On Friday, U.S. markets logged more losses in quiet trading, closing the book on the worst year for the benchmark S&P 500 since 2008.
The S&P 500 fell 0.3%. It posted a 5.9% loss for the month of December and a 19.4% decline in 2022, or 18.1%, including dividends.
That's just its third annual decline since the financial crisis of 2008 when the S&P 500 plunged 38.49%, and a painful reversal for investors after the S&P 500 notched a gain of nearly 27% in 2021. All told, the index lost US$8.2 trillion in value, according to S&P Dow Jones Indices.
The Dow dropped 0.2% on Friday while the Nasdaq slipped 0.1%. The Russell 2000 shed 0.3%.
Stocks struggled all year as pandemic stimulus was withdrawn and inflation put increasing pressure on consumers while central banks raised interest rates to fight high prices.
The Fed's key lending rate stood at a range of 0% to 0.25% at the beginning of 2022 and closed the year at a range of 4.25% to 4.5% after seven increases. The U.S. central bank forecasts it will reach a range of 5% to 5.25% by late 2023, with no rate cut before 2024.
Russia's invasion of Ukraine worsened inflationary pressure earlier in the year by making oil, gas and food commodity prices even more volatile amid existing supply chain issues. Oil closed Friday around $80, about $5 higher than where it started the year. But in between oil jumped above $120, helping energy stocks post the only gain among the 11 sectors in the S&P 500, up 59%.
In currency dealings, the U.S. dollar rose to 130.94 Japanese yen from 130.89 yen. The euro fell to $1.0677 from $1.0699.
The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
At least two students at Gettysburg College in Pennsylvania have been suspended from the swim team after a report that a racial slur was scratched onto a student's body, officials said.
North Carolina Lt. Gov. Mark Robinson avoided directly weighing in during a gubernatorial campaign event Saturday on a CNN report outlining evidence that he made disturbing posts on a pornography website's message board more than a decade ago.
Israeli Prime Minister Benjamin Netanyahu is considering a plan to force all Palestinian civilians out of northern Gaza, including Gaza City, in order to lay siege to Hamas and force the release of hostages.
Body mass index, a long-time tool used to measure a person's health, may soon be out the door as some health professionals push for a system they say is more accurate.
Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
In less than two months, Americans will go to the polls to choose their next president. But the process that translates those millions of votes into one seat in the Oval Office is much more complicated than a straight tally.
Infectious disease physician Dr. Isaac Bogoch says whooping cough is most risky for unvaccinated infants, children and older people.
Procurement Minister and newly appointed Quebec lieutenant Jean-Yves Duclos is warning the NDP that the dental care program it helped put into place will be in jeopardy if it pulls its support from the governing Liberals.
The City of Calgary ended water restrictions for the city at a Sunday morning update.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.
Pasquale Monaco says he鈥檚 debating whether to keep renting out the two-bedroom basement apartment of the Montreal building he owns after it was flooded 鈥 again 鈥 in August, when the remnants of tropical storm Debby sent four feet of water rushing into the space.
Infectious disease physician Dr. Isaac Bogoch says whooping cough is most risky for unvaccinated infants, children and older people.
The London Police Service (LPS) is currently investigating a suspicious death in the east end.
North Carolina Lt. Gov. Mark Robinson avoided directly weighing in during a gubernatorial campaign event Saturday on a CNN report outlining evidence that he made disturbing posts on a pornography website's message board more than a decade ago.
An explosion in a coal mine in eastern Iran killed at least 33 workers and injured 17 others, officials said Sunday, marking one of the worst mining disasters in the country's history as others remained missing hours after the blast.
More than a year after the Titan submersible imploded, killing all five voyagers on board, the story of the ill-fated expedition to the Titanic has taken the form of a modern-day Greek tragedy overflowing with mortal pride and heedlessness.
In less than two months, Americans will go to the polls to choose their next president. But the process that translates those millions of votes into one seat in the Oval Office is much more complicated than a straight tally.
Donald Trump has long pledged to deport millions of people, but he's bringing more specifics to his current bid for the White House: invoking wartime powers, relying on like-minded governors and using the military.
At least two students at Gettysburg College in Pennsylvania have been suspended from the swim team after a report that a racial slur was scratched onto a student's body, officials said.
Prime Minister Justin Trudeau is set to be in New York this week for the 78th meeting of the United Nations General Assembly and the Summit of the Future amid increasing geopolitical instability around the world.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Procurement Minister and newly appointed Quebec lieutenant Jean-Yves Duclos is warning the NDP that the dental care program it helped put into place will be in jeopardy if it pulls its support from the governing Liberals.
Body mass index, a long-time tool used to measure a person's health, may soon be out the door as some health professionals push for a system they say is more accurate.
Infectious disease physician Dr. Isaac Bogoch says whooping cough is most risky for unvaccinated infants, children and older people.
A morning cup of coffee may do more than just perk you up, according to new research.
If something looks too good to be true, it might be. That's the message from Saskatchewan horticulturists after customers have come into their stores hoping to buy purple apple trees this month.
The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
A Nova Scotian YouTuber has launched a mini-truck bookmobile.
Kathryn Crosby, who appeared in such movies as 'The 7th Voyage of Sinbad', 'Anatomy of a Murder,' and 'Operation Mad Ball' before marrying famed singer and Oscar-winning actor Bing Crosby, has died. She was 90.fff
'Saturday Night Live' will have a slew of famous faces to help kick off its historic 50th season when the show returns later this month.
The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
It鈥檚 not easy going up against Canada鈥檚 banking oligopoly, but some are trying.
It is not a great time to be a coffee drinker. In general, coffee bean prices are the highest they've been in more than a decade.
Nick Kolomyja reckons axe throwing may have saved his life.
More than 2,200 zoo professionals from 23 different countries have gathered in Calgary for the annual Association of Zoos and Aquariums conference.
Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.
The Winnipeg Blue Bombers have a nickname for the opposition鈥檚 end zone. They refer to it as the 鈥渃hicken box.鈥
Jonathan Aranda homered for the second consecutive game, helping Taj Bradley and the Tampa Bay Rays beat the Toronto Blue Jays 3-2 on Saturday.
Kiefer Sherwood spent several nights last spring chasing Quinn Hughes around the ice and generally pestering the Vancouver Canucks.
General Motors (GM) has issued a recall for 38,000 vehicles for safety risks related to a software glitch, Transport Canada reported in a notice on Wednesday.
Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man鈥檚 best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
One man is dead and another injured after a shooting in Langley Saturday evening that homicide investigators say is gang-related.
Work crews have been busy in the British Columbia legislature over the summer, prying apart desks in the historic chamber and piling them up in hallways as they tried to work out how to fit in six more seats.
British Columbia's New Democrats and the B.C. Conservatives are set to take their election tours to Metro Vancouver cities today as the campaign enters its second day.
One person has died following a shooting in Scarborough late last night.
Toronto police have arrested three people and they are looking for two others in connection with an alleged fraud that saw a man and his daughter bilked out of more than $18,000.
A man who was critically injured in an eight-vehicle pileup in Milton Friday has died of his injuries in hospital.
The City of Calgary ended water restrictions for the city at a Sunday morning update.
Nearly 100 Inglewood residents rallied Saturday afternoon in a continuing effort to save the Inglewood Aquatic Centre.
Nick Kolomyja reckons axe throwing may have saved his life.
Thousands participated in the 17th annual Canada Army Run Sunday in the capital's downtown.
Police are looking to speak with a female who was a passenger in a stolen vehicle that was recovered early Saturday morning in Kanata.
Ottawa Fire Services says no injuries were reported after a fire broke out in a bedroom in a townhome in Beacon Hill South early Sunday morning.
Residents around Lac Pilon in the Laurentians are increasingly alarmed by the frequent sound of gunshots piercing the quiet of their community.
A 54-year-old man was found unconscious on the ground with his electric scooter in Sherbrooke, Estrie, at 2:50 a.m. from Saturday to Sunday, according to the Sherbrooke Police.
Last month鈥檚 massive water main break in Montreal鈥檚 Ville Marie borough has left the company Cirque Eloize reeling, with nearly 10,000 items from their storage facility destroyed.
The number of Edmontonians experiencing homelessness has risen 47 per cent this year, according to data from the city's main housing agency.
Edmonton police have reopened 149 Street northbound and southbound following a serious collision that took place there early Sunday morning.
The Winnipeg Blue Bombers have a nickname for the opposition鈥檚 end zone. They refer to it as the 鈥渃hicken box.鈥
The Celtic Colours International Festival will return to Cape Breton, N.S., for nine days from Oct. 11 to 19, with hundreds of events and performances scheduled to take place in communities around the island.
The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
A 76-year-old man who was reported missing Saturday in Annapolis District, N.S., has been found deceased.
The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.
While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.
People living in Winnipeg鈥檚 Centennial neighbourhood have a new park to call their own. On Saturday, the community celebrated the grand opening of Giizhigooweyaabikwe Park on Lizzie Street.
Fire officials are investigating after a fire completely destroyed the community fridge in the Cathedral neighbourhood.
The last two months after losing her daughter Bella have been extremely difficult for Kyla Thomson.
Regina police arrested three youths in connection to a bear mace incident at a Regina high school on Friday.
Brantford, Ont. residents were met with an unexpected sight on Saturday evening as a suspected funnel cloud appeared in the skies above the city.
Police were called to a business in the area of University Avenue East and Weber Street North at around 10:40 p.m. Saturday for a report of a man attempting to stab another man.
Police said the pedestrian, a 52-year-old man, was taken to an out-of-region hospital with life-threatening injuries and the driver of the vehicle failed to remain at the scene.
A 14-year-old girl from Flying Dust First Nation was killed after a high-speed ATV struck a ditch near Meadow Lake.
The 75-year-old building, formerly the Waskesiu Chamber of Commerce building, was relocated to the Parks Canada compound on the edge of the townsite.
A 53-year-old woman from north Vancouver, B.C. was killed after a semi and truck collided on Highway 16 near Dafoe.
There were no injuries reported after a home on Regent Street near Douglas Street in Greater Sudbury鈥檚 west end on Sunday morning.
Procurement Minister and newly appointed Quebec lieutenant Jean-Yves Duclos is warning the NDP that the dental care program it helped put into place will be in jeopardy if it pulls its support from the governing Liberals.
Ontario鈥檚 police watchdog is investigating after an Ontario Provincial Police officer discharged his firearm at a 36-year-old man in near Moonbeam, Ont., on Friday night.
The most popular hockey podcasters on the planet brought some major attention to the Forest City this weekend with the annual Chiclets Cup.
The identity of a motorcyclist has been revealed by loved ones on social media following Friday鈥檚 fatal south end collision in London. The London Police Service has not released anything regarding the driver鈥檚 identity.
A new report shows young immigrants in London are succeeding in post-secondary education.
One man is in police custody after fabricating a story to police and reporting his vehicle was stolen.
One person is dead after a crash in Caledon on Sunday.
Police located and arrested a male suspect Saturday evening in relation to an alleged assault incident that occurred earlier this week in Gooderham.
Windsor firefighters had an early start to the day as a fire broke out in the 1500 block of Pellissier Street in the city.
Essex-Windsor Emergency Medical Services (EMS) is reporting that it鈥檚 above the provincial target for sudden cardiac arrest response times.
The Amherstburg Uncommon Festival is living up to its name with the addition of a drone light show 鈥 a first for Essex County.
Work crews have been busy in the British Columbia legislature over the summer, prying apart desks in the historic chamber and piling them up in hallways as they tried to work out how to fit in six more seats.
British Columbia's New Democrats and the B.C. Conservatives are set to take their election tours to Metro Vancouver cities today as the campaign enters its second day.
A man who was found dead behind a curling rink in Nanaimo, B.C., earlier this month was the victim of a homicide, police confirmed.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls 鈥 including one that gave birth to 10 puppies 鈥 from a rat-infested home in Kelowna.
Despite the heavy rain, plenty of muscle turned up for United Way鈥檚 annual Pull the Bus fundraiser in Lethbridge Friday.
Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
Following an outbreak of COVID-19 on its continuing care floor and just ahead of the flu season, St. Joseph鈥檚 General Hospital in Elliot Lake has opted to re-introduce a universal masking policy until further notice.
A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.
Newfoundland and Labrador sponsored a minor football team in England, now they鈥檙e about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
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