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Insight Weekly: Recession risk persists; Banks pull back from crypto; 2022 laggard stocks rally


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Insight Weekly: Recession risk persists; Banks pull back from crypto; 2022 laggard stocks rally

Today is Tuesday, January 31, 2023, and here’s your weekly selection of essential intelligence on financial markets and the global economy from S&P Global Market Intelligence. Subscribe to be notified of each new Insight Weekly.

In this edition of Insight Weekly, we take a closer look at the U.S. economy as recession fears linger. U.S. bankers expect a downturn in the second half of 2023, if not sooner. Latest survey data from S&P Global show that the economy has started the year on a disappointingly soft note, with business activity contracting sharply again in January. The manufacturing sector might have entered a recession in late 2022 as consumers continued to shift away from goods and toward services.

Banks engaged in cryptocurrency-related assets have cut costs and pulled back from the space after increased regulatory scrutiny and deposit losses. In January, federal regulators warned of crypto-asset risks to banking organizations, including volatility and fraud. Several banks suffered heavy deposit losses related to digital assets in 2022 as prices and volumes declined, and three trading operating platforms filed for bankruptcy.

S&P 500's worst-performing sector in 2022, communication services, has rallied by 9.6% in the first three weeks of 2023. Nearly all communication services stocks that lost the most ground in 2022 have recorded sizable gains this year, including Match Group, Meta Platforms and Warner Bros. Discovery.

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Written and compiled by Alex Virtucio

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