International Economic
Sector movers: Oil and Gas plays drag as crude oil futures hit by recession worries
Commodity plays fared worst at the end of the week as talk of recession fears replaced that of inflation worries in the wake of the Federal Reserve's surprise 75 basis point interest rate hike the day before.
Opportunity knocks, BofA says
Financial markets have reached a critical juncture with positioning across asset classes as bearish as at any time seen since August 2002, July 2008, 11 September, September 2015, January 2016 and March 2020, but opportunity might be about to knock on investors' door, said strategists at Bank of America.
Industrial production grows more slowly than forecast in May as factory production dips
Industrial output in the US expanded more slowly than expected last month as levels of factory activity following three months of strong growth.
Euro area CPI rises at record pace in June, energy and food prices pace gains
Euro area consumer prices rose at a record clip last, revised data confirmed, pushed higher energy and food prices in particular.
Fed is 'acutely' focused on returning inflation to 2.0 per cent, Powell says
Policymakers at the US central bank are "acutely" focused on maintaining price stability as well as financial stability, with the latter of key importance for meeting the Federal Reserve's mandate of achieving 2. 0% inflation and full employment, Jerome Powell said.
BOJ stands pat on rates, maintains dovish stance
The Bank of Japan bucked the trend on Friday by keeping interest rates on hold and maintaining a dovish stance.
Friday preview: Fed's Powell, BoJ in the spotlight
The market spotlight at the end of the week will be on US Federal Reserve chairman, Jerome Powell, who is due to speak at a conference on the international role of the dollar.
US housing starts fall sharply in May, further weakness seen ahead
Homebuilding activity in the US undershot economists' forecasts by a wide margin last month.
Philly Fed index dips unexpectedly in June
Manufacturing activity in the US mid-Atlantic region softened a tad in June as firms received fewer new orders, according to the results of a closely-followed survey.
US jobless claims little changed in latest week
The number of Americans filing for jobless claims for the first time was little changed last week.
Bitcoin and cryptocurrencies cautiously bounce after Fed rates hike
Bitcoin and altcoins maintain the short-term rebound triggered on Wednesday after a rate decision by the US Federal Reserve (Fed) that the market decided to interpret as not very aggressive. The 75 basis point increase, the largest since 1994 was discounted by the market, so investors have clung to the promise that this type of action will not be commonplace, which was proffered by the chairman of the agency, Jerome Powell, and has been carried away by the appetite for risk.
Swiss National Bank unexpectedly hikes rates
The Swiss National Bank unexpectedly lifted interest rates on Thursday for the first time in 15 years.
Brexit, Ukraine war set to push UK food prices up 15% - IDG
British food prices are set to surge 15% this summer and will remain high for at least a year, in a further blow to hard-pressed consumers already struggling with the cost-of-living crisis, according to a report released on Thursday.
Fed announces 75bp hike, leaves door open to same in July
The Federal Reserve hiked interest rates by more than expected on Wednesday and left the door open to another such move in July.
US retail sales slip in May
US retail sales fell unexpectedly last month on the back of a steep decline in auto sales and a drop in furniture sales.
'Empire State' index registers smaller-than-expected rebound in June
Manufacturing activity in the state of New York and part of New Jersey improved by a tad less than expected in June, the results of a closely-followed survey revealed.
Global oil demand to reach fresh highs in 2023 - IEA
Global demand for oil is forecast to reach fresh highs next year, according to the rich world's oil watchdog , although supply could struggle to keep up.
Crypto selloff accelerates: Bitcoin eyes $20,000 and Ethereum, $1,000
Bitcoin maintains its depressed outcome and continues to descend lower on Wednesday, as the digital currency par excellence is unable to slow down after Monday's sharp declines. The $20,000 support even looks vulnerable after Wednesday's lows are on the doorstep of this price, according to data from CoinMarketCap, although experts believe this will be a market floor after recent declines.
Eurozone trade deficit widens
The Eurozone’s trade deficit widened in April, official data showed on Wednesday, as industrial output came in below expectations.
ECB to hold emergency meeting
The European Central Bank is to hold a rare unscheduled meeting on Wednesday to discuss the turmoil on Europe’s bond markets.