Data from China have led to increased interest in defensive assets
Today was published statistics on China’s manufacturing PMI from Caixin, which in December fell to 48.2, against the forecast of 48.9 and the previous value of 48.6. In the report it was stated about the negative impact of external and internal factors and decline in exports. It is worth noting that the strong movements in the stock market in China continue to adversely affect the attitude of investors to risky assets and increase in the demand for gold and the Japanese yen. We expect stabilization of the situation in the near future and the resumption of the negative dynamics of gold and the Japanese yen.
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