The new year has started in risk-off fashion, which translated into yen outperformance and commodity and emerging market currency underperformance. Sub-forecast Caixin manufacturing PMI data out China, which fell to 48.2 in December versus the expected 48.9, weighed on sentiment. China's Shanghai Composite closed down 6.9%, which prompted the early closing of the market. Japan's Nikkei 225 closes down -3.1%. Oil prices, meanwhile, rose on rising tensions in the Mideast. The latest reading of Australia's commodity index also fell 23.3% y/ in December, below previous reading of -22.0% .
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