Equity markets down 20-30% in H1
For the first time since the beginning of the year, US consumer spending contracted in real terms (deflated for inflation) in May, amplifying recession fears and the downward…
No big thing yesterday on financial markets but a gradual increase in bond yields that seems to reflect caution ahead of key economic reports in the US, to begin with CPI data today. The surge in Chinese exports and imports on a yoy basis in March reflects basis effects: we are entering a period during which it will be very difficult to draw anything from activity indicators. The EUR/USD exchange rate is still trading slightly below 1.19.
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