- Bond yields fell as fears of a worldwide recession were fuelled by remarks made by Fed's Powell and GDP statistics in Europe. US equities futures alternated between gains and losses.
- Following news that the Euro-area economy shrank significantly in June, the yield on German 10-year bonds plunged as much as 21 basis points, setting the stage for the greatest two-day drop since November 2011. US 10-year rates were trading close to a two-week low.
- After reversing early losses, contracts for both the S&P 500 and Nasdaq 100 increased. After recovering a loss of more than 1%, the Stoxx Europe 600 index traded flat.
- In testimony to the Senate on Wednesday, Powell acknowledged that sharp rate rises could cause a US recession and that it is "very challenging" to ensure a smooth landing. The Fed chair reiterated his determination to bring consumer price increases back down to the 2% objective as policymakers take extreme measures to curb inflation, which is at a four-decade high.
- Russia stated that paid coupons for 2027, and 2047 Eurobonds will be made in Rubles.
- Sources said that Germany is to declare phase 2 out of three (alarm stage) of the emergency gas plan.