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The head of the International Monetary Fund (IMF) on Wednesday said the outlook for the global economy had darkened significantly since April and she could not rule out a possible global recession next year given the elevated risks.IMF Managing Director Kristalina Georgieva told Reuters the fund would downgrade in coming …
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July, 2022
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6 July 2022 10:13 pm
FOMC Minutes: Even more restrictive policy is possible in time
The Federal Open Market Committee released its hawkish minutes of the June policy meeting. Markets have nearly fully priced in another 75-basis points rate hike in July with which the minutes align. Investors are paying close attention to discussions around the September rate decision. The US dollar is little changed …
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6 July 2022 8:42 pm
UK: Johnson’s party to hold election before changing rules
The UK’s Conservative Party’s 1922 Committee will hold an internal election of a new executive next Monday. The new executive will decide whether to change the rules surrounding the grace period following the no-confidence vote. The British pound is having hard times amid political jitters. The GBP/USD pair, which touched …
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6 July 2022 7:52 pm
JOLTS Job Openings fall to 11.254 million in May
The number of job openings decreased to 11.254 million in May from 11.681 million in April, the monthly Job Openings and Labor Turnover Summary (JOLTS) published by the US Bureau of Labor Statistics showed on Wednesday. “Hires and total separations were little changed at 6.5 million and 6.0 million, respectively,” …
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6 July 2022 7:08 pm
ISM Services PMI retreats below expectations
The ISM Services PMI in June retreated to 55.3 from 55.9 in May, showing that the business activity in the service sector expanded at a slightly softer pace. This data, however, came in better than the market expectation of 54.5.“The slight slowdown in services sector growth was due to a …
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6 July 2022 4:49 pm
Gold near its lowest level since December as the dollar rises
Gold prices fell to near seven-month lows on Wednesday, as the dollar’s strength and expectations of a rate hike hurt the non-yielding metal. Spot gold fell 0.2 percent to $1,760.90 an ounce by 1053 GMT, after dropping about 2.6 percent on Tuesday. US gold futures fell 0.3 percent to $1,759.00 …
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6 July 2022 3:13 pm
Turkish lira drops 1% on renewed concerns about inflation and monetary policy
The Turkish lira fell again on Wednesday, continuing losses for the seventh day, due to the rise of the dollar and investors’ fears of rising inflation and the policies applied to deal with the economic crises in the country. The lira fell one percent against the dollar to record 17.2 …
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6 July 2022 1:49 pm
Oil is rebounding after a sharp decline
Oil prices rose about 3% today, Wednesday, before giving up some of their gains as investors turned to the market, after a sharp decline in the previous session, as concerns related to supplies returned, with concerns of a global recession continuing. Brent crude futures rose as much as $3.08, or …
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6 July 2022 1:16 pm
European shares rise as oil workers’ strike ends in Norway
European shares rose on Wednesday after oil and gas workers in Norway called off their strike, quelling fears of an energy supply shortage, while shares of Just Eat Tekaway.com rose after Amazon agreed to buy a stake in its unit GroupHub. The pan-European STOXX 600 index rose 1.3 percent by …
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6 July 2022 12:27 pm
Japan shares fall on economic slowdown fears
Japan’s Nikkei index closed lower on Wednesday after a two-day rally, dragged down by energy stocks, as fears of a global economic slowdown weighed on the market. The Nikkei index fell 1.20 percent to close at 26,107.65 points. The broader Topix index fell 1.23 percent to 1,855.97 points. Shares of …
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6 July 2022 12:06 pm
German Factory Orders unexpectedly rise 0.1% MoM in May
The German Factory Orders rebounded in May, suggesting that the manufacturing sector downturn in Europe’s economic powerhouse is flattening. Contracts for goods ‘Made in Germany’ jumped by 0.1% on the month vs. -0.6% expected and -2.7% last, the latest data published by the Federal Statistics Office showed on Wednesday. On …
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6 July 2022 2:54 am
Market Drivers – US Session – Tuesday, July 5
Global recessionary fears have impacted most sectors across financial markets. The US dollar obviously benefited from the risk-aversion and soared entrenching the dollar’s safe haven status. The risk of a US recession is above 70%, according to most analysts. The inversion of Treasury yield curve also does add to those …
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6 July 2022 2:25 am
Gold sinks to six-month low on stronger US dollar
Gold is under further pressure below a key monthly trendline and continues to get deeper in the red territory. Gold prices slumped to their lowest in more than six months on Tuesday, as the US dollar rallied amid growing recession concerns that caused losses across risk assets.Extra fears stem from …
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