Global markets are in the green, anticipating earnings in the U.S. and Europe as well as key meetings at the ECB and the BoJ. U.S. President Joe Biden has received criticism following his meeting with Saudi Crown Prince Mohammed bin Salman. Biden hailed security ties between the two nations but failed to achieve progress on reducing oil prices. In aviation news, Boeing issues stable demand forecasts for the next 20 years ahead of the Farnborough Airshow. Europe is in the grip of a heatwave which has sparked devastating wildfires across several Mediterranean nations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Italy’s President Sergio Mattarella has rejected Prime Minister Mario Draghi’s resignation following a split in the coalition government caused by the Five Star Movement. We are live in Rome for the latest. China’s economy contracts by 2.6 per cent in Q2, casting doubt over Beijing’s ability to hit its full-year targets. In the U.S., JPMorgan and Morgan Stanley miss on both the top and bottom lines. Weaker investment banking activity and increased provisioning have weighed on both lenders’ quarterly data. Global inflation and the conflict in Ukraine remain the focus of G20 finance ministers and central bankers in Bali, Indonesia. The OECD Secretary-General Mathias Cormann says the world must remain united to ‘soften’ the impact of the downturn. We are also live in Jeddah, Saudi Arabia, where U.S. President Joe Biden is due to arrive today as oil drops below $95 a barrel for the first time since the invasion of Ukraine.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation hits its highest level in 41 years to 9.1 per cent. A 100bps rate hike is expected from the Federal Reserve this month. The inversion between the 2- and 10-year Treasury yields widens furthest since 2000. In Italy, Giuseppe Conte’s Five Star Movement has said it will boycott a spending vote today, threatening the ruling coalition government it is part of. And U.S. President Joe Biden embarks on a 4-day Middle East tour, landing in Tel Aviv. Iranian nuclear ambitions is the largest topic on his agenda. And in crypto news, lender Celsius files for Chapter 11 bankruptcy a month after cancelling withdrawals.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets await key U.S. inflation data which is expected to reach a 40-year high. However, Richmond Fed President Thomas Barkin countered negative sentiment, saying that some commentators are ‘talking ourselves into a recession’. The IMF again cuts its U.S. GDP forecast for the year by more than 0.5 per cent. The euro is hovering about parity against the dollar – its lowest level in 20 years. We hear from Dutch Finance Minister Sigrid Kaag who says a compounding of effects have caused the current low in the exchange. In the Asia-Pacific region, the central banks of South Korea and New Zealand are the latest to hike interest rates by 50bps in a bid to rein in rampant inflation. And in corporate news, Twitter sues Elon Musk for backing out of his $44bn takeover of the social media giant.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities hit their lowest levels in two years following tech weakness on Wall Street ahead of key inflation data and the start of earnings season. Increased recession fears in Europe pushes the euro close to parity with the dollar which is strengthened by further expected rate hikes by the Fed. In corporate news, Twitter is preparing to file a lawsuit against Elon Musk after the billionaire dropped his $44bn takeover bid. Eurogroup finance ministers meet in Brussels with gas prices top of the agenda. This as the Nord Stream 1 pipeline shuts down for scheduled maintenance.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Twitter vows to take Tesla CEO Elon Musk to court after he sought to cancel his $44bn acquisition of the social media company. Tory contenders jostle to replace Boris Johnson as UK Prime Minister but one early favorite, Defence Secretary Ben Wallace, pulls out of the leadership race. In Germany, troubled utility giant Uniper completes its bailout application. We hear from French Finance Minister Bruno Le Maire who says that the EU must brace for a shutdown of Russian gas. Japan’s ruling coalition increases its majority in upper house elections, two days after the assassination of former Prime Minister Shinzo Abe.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Following yesterday’s dramatic resignation, Boris Johnson stays on as caretaker prime minister until a new leader is selected. This, despite numerous calls for him to leave Downing Street immediately. We are live from Westminster for the latest. Former Japanese Prime Minister Shinzo Abe is shot while on the campaign trail for upper house elections. Japan’s current Prime Minister Fumio Kishida has said Abe is in a ‘grave’ condition. U.S. markets are in the green ahead of today’s non-farm payroll numbers. We are also live in Berlin where the German lawmakers have given the green light to further state intervention to secure the energy sector. There are reports that Chancellor Olaf Scholz’s government will seek to take a stake in excess of 30 per cent to prop up beleaguered gas utility Uniper.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister refuses to step down despite senior cabinet ministers urging him to quit late yesterday afternoon. More than 40 Conservative MPs have now left government roles. WE are live in Downing Street for the latest. June’s FOMC minutes signal more restrictive policies are being lined up in a bid to rein in U.S. inflation. French Prime Minster Elisabeth Borne announces plans to nationalise beleaguered energy firm EDF to secure ‘full control’ of the nation’s electricity. And we are live in Berlin where the Bundestag has been debating new energy security rules with the prospect of a bailout for gas utility Uniper now on the cards.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The 2- and 10-year Treasury yields briefly invert for the third time this year sparking fresh recession fears. Concerns of a global economic slowdown prompt crude prices to tumble 10 per cent before recovering. UK Prime Minister Boris Johnson’s government is in turmoil following the resignations of Chancellor of the Exchequer Rishi Sunak and Health Secretary Sajid Javid over continued political scandals. The pound plunges to its lowest level since the start of the Covid pandemic as a result. We are live in Downing Street for the latest. And we are also live in Düsseldorf, Germany, where the government is reportedly set to take on a 25 per cent stake in Uniper – the country’s largest importer of Russian gas – in order to keep the company alive following a sharp decline in supply from Moscow.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Beijing and Washington hold ‘pragmatic and frank’ trade talks with suggestions that the U.S. may cut tariffs in a bid to suppress inflation. The RBA raises rates by 50 bps – its third such hike in three months. Germany’s Uniper sees shares plunge by 30 per cent on reports of a government bailout. German politicians are to draft a new bill to allow Berlin to nationalize struggling gas importers. In Norway, oil and gas workers stage a two-day walkout which could cut supply by up to 89k bpd, rising to 292k bpd. And in the crypto sector more ongoing volatility forces two platforms to implement transaction restrictions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Amazon founder Jeff Bezos slams U.S. President Joe Biden on inflation, accusing him of a ‘deep misunderstanding’ of economics. Tesla suffers its first quarterly decline in deliveries in two years due to continued Chinese Covid lockdowns. The IEA warns of a ‘red alert’ for a global recession and calls on Saudi Arabia to pump more oil while the Norwegian Oil & Gas Association says that industrial action may cut the country’s output by 13 per cent. Stateside, travellers are braced for 4th of July chaos while in Europe, Ryanair cabin crew in Spain have voted to strike.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve’s preferred measure of inflation eases but remains at levels not seen since the 1980s. The S&P 500 ends H1 with its worst performance since 1970. Asian equities are down but Chinese stocks outperform as factory activity rebounds at its fastest pace for a year. Siemens reports a write-down of its stake in Siemens Energy which will create a €2.8bn loss in Q3. And in crypto news, FTX is reportedly close to buying BlockFi in a $25m fire sale.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 stares down the barrel its worst first half since 1970 while a host of other assets trade at multi-decade lows, but energy outperforms amid the turbulence with WTI on track for its longest quarterly win streak ever. The world’s top central bankers walk the inflation tightrope at the ECB's Sintra summit, with Fed Chair Jerome Powell admitting aggressive tightening could spark a recession. Over in Asia, the end of strict Covid curbs boosts the Chinese economy with factory activity expanding for the first time in 3 months while the service sector rebounds at its fastest pace in more than a year. Three Arrows Capital becomes the latest casualty of the crypto winter. Liquidators move in after the hedge fund defaults on a loan tied to big bets on digital currencies.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Turkey lifts its veto to NATO expansion, allowing Finland and Sweden to join the alliance. Secretary-General Jens Stoltenberg tells CNBC that the ‘historic’ move will be globally significant. In Bavaria, G-7 leaders have pledged to maintain sanctions on Russia to curtail key revenues. French President Emmanuel Macron tells this channel that a price cap mechanism on Russian oil is still a work in progress. We also hear from ECB chief economist Philip Lane in Sintra, Portugal, who says the central bank is set to raise rates by 25bps in July and potentially by more in September. And in U.S. markets, consumer sentiment plunges, with Wall Street on track for its worst H1 performance since 1970.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

G-7 leaders mull the feasibility of a price cap on Russian oil as French President Macron admits he faces reluctance from major international producers to boost supply. NATO announces it will increase the number of troops on high alert from 40,000 to 300,000. We are live in Madrid ahead of the bloc’s summit. A Swiss court finds Credit Suisse guilty in a high-profile Bulgarian money-laundering case. CEO Thomas Gottstein is due to face investors at the lender’s Investor Deep Dive today. Central bank governors arrive in Sintra, Portugal at the ECB Forum where ECB board member Isabel Schnabel warns that fragilities are beginning to show between nations over inflation. And in crypto news, Robinhood shares are in the red in extended trade after cryptocurrency exchange FTX denies rumours it is looking to buy the trading app.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live at Elmau Castle in Bavaria where G-7 leaders are meeting to increase pressure on Moscow through a price cap on Russian oil and a ban on imports of Russian gold. Western sanctions have pushed Russia to default on its foreign debt for the first time in more than a century. The BiS has warned that the world has reached a tipping point on inflation. French energy executives have urged consumers to cut back on gas usage, warning of social fractures should supplies fail be replenished before winter. And in the U.S., the S&P 500 posts its largest one-day rally since 2020 but overall, U.S. stocks are still set to record their worst H1 performance in more than 50 years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve chairman Jerome Powell faces the House Financial Services Committee and admits that he had underestimated inflation. Lawmakers pressed the central bank chief on how he would respond should his aggressive rate hikes push the U.S. economy into a recession. Wall Street is set to break a three-week losing streak later today as a very volatile H1 comes to a close. EU leaders unanimously approve candidate status for Ukraine but European Commission President Ursula Von Der Leyen insists the process will not be rushed through. Inflation in Japan exceeds the BoJ’s expectations for the second consecutive month. Softbank CEO Masayoshi Son leads the investment titan’s AGM. He says that, despite pressure from London, chip maker ARM is most likely to list on the Nasdaq. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell has told the Senate Committee that a soft landing for the economy is now very difficult but insists that the central bank must succeed in reining in inflation. President Biden has called for a three-month federal gas tax holiday to ease the burden on U.S. consumers. He faces strong opposition from lawmakers, including from within his own party. The GOP has branded the move as “yet another gimmick”. In France, President Macron seeks compromise with opposition parties following the loss of his parliamentary majority. And, we hear exclusively from Meta CEO Mark Zuckerberg who says that the virtual ecosystem, or ‘metaverse’ will create huge new economic opportunities.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 hits back with its best day in June so far as Wall Street recovers from its worst weekly loss in 2 years. However, Asian markets don’t follow suit. South Korean stocks lead declines while the yen hits its lowest level in almost 24 years. Germany’s industry association, the BDI, has slashed its 2022 outlook and says a European recession is certain should Russia cut gas supplies completely. Meanwhile in the U.S., President Biden and Chevron CEO Michael Wirth spar over energy policy criticism. And in France, President Emmanuel Macron holds talks with rival parliamentary parties as National Rally leader Marine Le Pen says she was now entitled to key cabinet positions.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We speak exclusively to Deutsche Bank CEO Christian Sewing who warns that spiraling inflation and the energy crisis are a “perfect storm” to trigger a European recession. Asian markets are up and U.S. futures point to solid gains following the long Juneteenth weekend. President Biden says he is considering a pause on federal gasoline tax to help ease the cost burden on Americans ahead of the driving season while downplaying the risks of the U.S economy slipping into recession. In France, President Macron is set to hold coalition-building talks following the loss of his parliamentary majority.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Emmanuel Macron loses his absolute majority in the French parliament to a leftist coalition and a resurgent National Rally. Germany has announced it will return to coal in a bid to secure energy supplies ahead of winter as Russia continues to cut gas output. Asian markets are in the red on the back of the worst weekly performance by the S&P 500 since March 2020. And Bitcoin claws back some losses following a sharp weekend sell-off which saw the world’s biggest cryptocurrency hit an 18-month low. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow plunges to below the 30,000-mark for the first time since January last year following the Federal Reserve’s historic 75-bps rate hike. U.S. President Joe Biden says that a recession Stateside is still ‘not inevitable’ but he admitted that signs of an economic slowdown is weighing on the mood of the nation. In Luxembourg, German finance minister Christian Lindner tells CNBC that euro zone fragmentation is not a concern following a surge in bond yields within the bloc. The leaders of France, Germany, Italy and Romania visit Kyiv to demonstrate their support for Ukraine’s ‘eventual’ accession into the EU.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve hikes interest rates by a historical 75 bps in what is its most aggressive move since 1994. Chairman Jerome Powell has suggested that July’s FOMC meeting could result in a similar move should rampant inflation show no signs of abating. The markets react immediately, with the Dow and the S&P 500 breaking five-day losing streaks. Asian stocks follow suit and European equities are set to do likewise. The ECB touts a new ‘anti-fragmentation tool’ in a bid to quell the recent bond market turmoil. Reaction, however, is muted following the central bank’s emergency meeting yesterday. The SNB is also now under pressure, warning that Swiss bank assessment has deteriorated. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury yields achieve new highs while the S&P 500 sinks even further into bear market territory as investors anticipate more aggressive rate moves from the Fed. DoubleLine Capital’s Jeffrey Gundlach calls for a 200-bps interest rate hike while legendary investor Bill Ackman slams the U.S. central bank for losing control of inflation. We are live in Berlin at the world’s largest private equity event, SuperReturn International. Meanwhile in China, retail sales continue to fall but manufacturing picks up against expectation as Beijing authorities continue to rein the current Covid outbreak. And cryptocurrency exchange platform Coinbase sacks 18 per cent of its staff as a reported ‘crypto winter’ sets in for the sector.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 plunges into bear market territory while the 10-year Treasury yield spikes to decade highs. Goldman Sachs and JP Morgan adjust their outlooks ahead of an expected 75-bps rate hike while the CME puts the odds of such a Fed move at more than 95 per cent. Morgan Stanley CEO James Gorman believes the chance of a U.S. recession now stands at 50-50. And in crypto news, Bitcoin sinks to below $21,000 as frozen withdrawals spook investors, wiping out more than $200bn from the market since Friday’s session.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

French President Emmanuel Macron's bid for an outright majority comes under threat, as the Left surges in the first round of National Assembly elections. Credit Suisse is reportedly placed on a watchlist by the U.K.'s FCA as the financial regulator says the Swiss bank has not done enough to address risk controls. Asian stocks and US futures move sharply lower, as inflation and recession fears push the two-year Treasury yield to a 14-year high, prompting some banks to forecast a 75 basis point Fed hike this week. In China, Beijing officials warn of an "explosive" Covid outbreak, while Shanghai starts yet another round of mass testing for the city's 25 million residents.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street marks its worst day in more than three weeks as markets await a fresh read on US inflation, with CPI forecast to hold near 40-year highs. “There’s nothing to suggest a recession is in the works,” says U.S. Treasury Secretary Janet Yellen. She rejects suggestions that a downturn is on the way, highlighting that the labour market is strong. China bucks the global inflation trend, as input prices hit at 14-month low, while consumer price inflation comes in below forecasts for May.  The ECB pledges to raise rates by 25 basis points in July and leaves the door open to a more hawkish move in September, as the central bank significantly slashes growth forecasts and raises inflation expectations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets focusing on the ECB. President Christine Lagarde is expected to commit to a July rate hike, despite downgrading growth forecasts, as inflation hits a record high. Yields push higher, with Germany's 10-year bund yield hitting levels not seen since July 2014. Millions in Shanghai enter new lockdowns - just as China shows signs of recovery, with May exports coming in more than double expectations. Ukrainian President Volodymyr Zelenskyy calls on American corporate leaders to fully exit Russia, warning their taxes continue to help fund the Kremlin's war.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Credit Suisse issues a profit warning, saying tough trading conditions for the investment bank will drag the group to a net loss in the second quarter. The World Bank warns of 70s style stagflation as it slashes its global growth forecasts, saying many countries will find it hard to avoid recession. U.S. Treasury Secretary Janet Yellen tells Congress the country faces an extended period of higher prices, while admitting the administration's earlier characterization of inflation was misleading. Former German Chancellor Angela Merkel defends her record, hitting back at criticism that she appeased Russian President Vladimir Putin during her 16 years in power. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Boris Johnson survives a confidence vote, but his leadership is rocked after more than 40% of his own MPs vote to remove him from office. Across in China, Didi Chuxing was up almost 25% amid a report Chinese authorities may allow the ride hailing companies app back into domestic app stores. The Australian dollar spikes as the central bank lifts rates by a bigger-than-expected 50 basis points, the largest single rate hike since the start of the century and the first move since 2013. Elon Musk threatens to walk away from his 44 billion dollar deal to buy the social media platform unless the group provides more information on fake accounts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global stocks show resilience amid a stronger than expected US jobs print. Cleveland Fed President Loretta Mester tells CNBC the fight against rising prices is ongoing. Chinese service sector activity contracts for the third straight month, while Beijing eases Covid restrictions in a bid to stave off an economic downturn. Crude prices gain after Saudi Arabia hikes the price-tag of its flagship product, signaling strong demand expectations even as OPEC-plus producers accelerate output increases. A U-turn for Elon Musk as the Tesla CEO backtracks on claims the automaker will need to cut 10 percent of its workforce, after saying he feels 'super bad' about the economy. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

JPMorgan CEO Jamie Dimon warns of an economic “hurricane” on the horizon as the Federal Reserve scrambles to wind back Covid-era policy in a bid to rein in inflation. Recession fears weigh on U.S. markets on the first day of June trading. U.S. Treasury Secretary Janet Yellen tells CNBC that the White House is working on various fronts to bring inflation down. Crude prices fall following reports that Saudi Arabia could be ready to boost production should sanction-hit Russian oil decline. Meta COO Sheryl Sandberg is to step down after 14 years with the Facebook parent company. She will be replaced by Meta’s chief growth officer Javier Olivan this autumn.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Opec is reportedly set to review its Russia oil deal while the UK will back this week’s EU sea-delivered crude embargo agreement. In the U.S., President Biden has held talks with Federal Reserve Chairman Jerome Powell to discuss surging inflation. Biden promised to back the central bank’s strategy and independence in tackling price pressures. Euro zone inflation soars to its highest level since the currency was launched, causing bond yields to plunge. The decline in Chinese factory activity has eased but remains in contraction territory after authorities finally lift restrictions in Shanghai. And in banking news, Deutsche Bank’s asset manager unit DWS is raided by police conducting a ‘greenwashing’ investigation.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil is up after EU leaders agree to a Russian crude embargo. The deal features an exemption for pipeline deliveries after Hungarian-led opposition. President Joe Biden is to meet Federal Reserve Chairman Jerome Powell following his re-confirmation. China manufacturing activity declines for the third consecutive month but there are signs of easing as Covid restrictions are beginning to lift in Beijing and Shanghai. In banking news, Credit Suisse has slapped down suggestions it is looking to bolster its balance sheet following recent losses. Specialty chemicals giant DSM creates a merger of equals with Swiss fragrance and flavour company Firmenich.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian stocks are at a three-week high following the S&P 500 and Dow’s rebound on Wall Street last week. Beijing reopens shopping centres and its subway system while Shanghai says it will remove almost all Covid restrictions by mid-week. German economy minister Robert Habeck warns that European unity on a Russian oil embargo is “starting to crumble” ahead of today’s extraordinary council meeting. And Just Eat Takeaway’s move to sell Grubhub is in question as the firm is set to take a multibillion-dollar writedown.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are buoyed by retail stocks with department store giant Macy’s lifting guidance. In China, industrial profits plunge as Beijing's zero-Covid policies hurt manufacturers and supply chains. But tech giants Alibaba and Baidu beat earnings expectations to boost shares in Hong Kong. Staying with tech, Broadcom is set to snap up cloud computing firm VMWare in a $61bn deal. And, in the U.K., BP says it will review its North Sea investments after Chancellor Rishi Sunak unveils a windfall tax, giving hundreds of pounds to households in a bid to ease the cost-of-living crisis.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are up with the Dow set to break an eight-week losing streak, despite Fed minutes indicating the central bank may raise rates beyond neutral and into restrictive territory. We speak to ECB Countil Member Klaas Knot who suggests a 50bps hike as early as July is “not off the table”. In a bid to stave off its first national default for 100 years, Russia offers to pay off dollar debt in rubles. Ukrainian Foreign Minister Dmitro Kuleba tells CNBC that Russia is using the release of food supplies in Ukrainian ports as a blackmailing tool against the West to ease sanctions and that stronger measures are required against the Kremlin.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Doom and gloom in Davos overnight after billionaire investor George Soros issues dour economic warnings about China’s zero-Covid policy and the potential for a civilisation-ending Third World War. We hear from EC President Ursula Von Der Leyen who says the bloc is ready to green-light a Russian oil embargo “within days”. She also urged every nation to help Ukraine with its reconstruction efforts, including the use of Russian assets. U.S. retailers, led by an outlook hike from Nordstrom, rebound, lifting Wall Street back into positive territory. Treasury yields are also down to their lowest level since April ahead of Fed minutes due today. Swiss miner Glencore is slapped with $1.5bn bill to settle bribery charges in three countries. And in autos news, Stellantis CEO Carlos Tavares has warned policy makers that car companies will struggle to meet demand for EVs due to continuing raw material shortages.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We hear from Spanish prime minister Pedro Sanchez who says the war in Ukraine is hampering the EU recovery but remains optimistic over the bloc’s unity and strong fundamentals. Speaking at a CNBC panel at the World Economic Forum in Davos, IMF managing director Kristalina Georgieva warns of increasing economic challenges while Citi boss Jane Fraser believes a recession is inevitable. We also hear from Banque de France governor François Villeroy de Galhau who says July and September hikes by the ECB are a given. U.S. markets see a banks rally but a profit warning from social media giant Snap drives tech futures on the Nasdaq lower. And in Tokyo, Quad nations agree to a new satellite-based maritime initiative in a bid to counter China.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The IMF’s managing director Kristalina Georgieva warns of a “confluence of calamities” facing the global economy. Wall Street is on the brink of bear market territory with the Nasdaq suffering its longest losing streak since the dotcom bubble. U.S. President Joe Biden signs off on a $40bn aid package for Ukraine as Russia turns off gas supplies to Finland. Belgium becomes the first nation to introduce quarantine for monkeypox infections.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow is on track for its eighth consecutive week in the red – something not seen for 90 years – while the S&P 500 is close to bear market territory. The PBOC is to cut borrowing costs to help the Chinese housing market as Beijing wrestles with the fallout of its zero-Covid policy. The U.S. Senate approves $40bn in aid for Ukraine while G7 finance ministers meeting in Bonn, Germany, commit to almost $20bn in budgetary support for the nation. Credit Suisse CEO Thomas Gottstein receives the backing of the bank after major shareholder Artisan Partners calls for his replacement.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street suffers its worst day since June 2020. U.S. markets broadly sell off amid inflation and growth fears, sparked by a major earnings miss from retailer Target. Asian markets follow suit with tech stocks slumping in Hong Kong while miners and energy companies plunging on the ASX. We hear from U.S. Treasury Secretary Janet Yellen who says that energy sanctions are key to hampering Russian aggression in Ukraine. And global debt balloons to more than $300tn in Q1, raising fears of corporate defaults as interest rates continue on an upward trajectory.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell insists that the central bank will continue to raise rates as long as is needed in order to rein in inflation. However, Powell did acknowledge the potential consumer pain involved in the process. Investors pump the Nasdaq by almost 3 per cent after swooping in for recently hurting tech stocks, seemingly unconcerned by a looming recession. In retail, Wal-Mart misses earnings expectations despite positive U.S. consumer data for April. And in European banking news, the Unicredit-Commerzbank tie-up is reportedly shelved due to the uncertainty brought on by Russia’s invasion of Ukraine.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Amazon founder Jeff Bezos and President Joe Biden are at loggerheads over inflation. Bezos has attacked Biden for “misdirection” over claims that billionaire tax avoidance is fueling record price pressures. Former Federal Reserve Chairman Ben Bernanke tells CNBC exclusively that the U.S. is likely to dodge a severe recession, but that it was a “mistake” that the central bank delayed acting on soaring inflation. Chinese tech stocks are higher after positive comments on the sector from JPMorgan. Tesla CEO Elon Musk has not ruled out lowering his bid for Twitter following comments about the amount of bots found on the platform. And in France, President Emmanuel Macron appoints Elisabeth Borne as Prime Minister, the first woman to hold the post in 30 years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sweden and Finland make the historic decision to join NATO. We are live in Stockholm where the Swedish Prime Minister Magdalena Andersson tells CNBC the country is braced for any retaliation from Russia. The G7 warns of a potential global food crisis, accusing Russia of waging a ‘grain war’, while India bans all wheat exports. EU trade commissioner Valdis Dombrovskis says protectionism will only aggravate the issue. April economic data in China is heavily impacted by rolling Covid lockdowns while soaring energy prices boost Saudi Aramco to post its largest quarterly profit since listing.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell admits that the central bank could have moved faster in raising interest rates and that he was unable to guarantee a ‘soft landing’ as April producer prices soared by 11 per cent. Wall Street caps another volatile session with U.S. stocks suffering their worst weekly performance since January. In crypto news, the collapse of stablecoins Terra and Tether raises fears of contagion in the market as Bitcoin falls to its lowest level in 16 months. And in Schleswig-Holstein, Germany, G7 foreign ministers meet to further underline their support for Ukraine. EU Foreign Affairs High Representative Josep Borrell tells CNBC that the Russian invasion will have far-reaching consequences globally.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation slows for the first time in nine months, however the headline and core prints still come in above expectation. The Nasdaq suffers steep losses with Apple weighing. The tech giant loses its crown as the world’s most valuable company to oil behemoth Saudi Aramco. Strong Disney+ subscriptions fail to help Disney shares in extended trade after its CFO Christine McCarthy warns of softer streaming growth to come. And in autos news, VW CEO Herbert Diess has defended his call for a negotiated settlement in Ukraine, telling CNBC he is not putting commercial interests ahead of the human cost of the war.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese consumer prices are up at their fastest rate in five months as rolling Covid lockdowns continue to impact production and supply. U.S. President Joe Biden has prioritised inflation as his top economic challenge as key data out today hints that price pressures Stateside could be finally peaking. The S&P 500 index and the Nasdaq are up but the Dow posts a fourth-straight negative session. Billionaire hedge fund investor Leon Cooperman says the market has not yet bottomed out. We hear from Finnish foreign minister Pekka Haavisto who says his country is fast-tracking NATO application, possibly moving as early as next Monday.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.