- Stocks fell on Wednesday due to fresh concerns about economic growth as monetary policy is tightened globally to combat inflation.
- European stocks lost ground after three straight days of advances, with confidence also being harmed by China's continued adherence to its zero-COVID policy. US contracts decreased after a tech-driven decline on Tuesday weakened the S&P 500.
- Spain's inflation unexpectedly spiked to a record high, shattering expectations that inflation in the fourth-largest economy in the Eurozone had peaked. This gave policymakers at the European Central Bank more confidence to push for significant rises in interest rates. 10-year treasury yields dropped to 3.16% as German benchmark bonds increased.
- After experiencing its biggest weekly gain throughout the wall street session, the dollar was stable. WTI Crude Oil increased above $112 per barrel, indicating that it will rise for a fourth session. Bitcoin moved close to the keenly followed $20,000 mark in cryptocurrencies.
- Meanwhile, ECB members gave comments regarding rate hikes, ECB's Wunsch stated that 150 basis-points of rate hikes by March is reasonable. ECB's Holzmann said the ECB can move in 25-50 basis-point steps after September. ECB's Simkus stated a 50 basis-point hike is very likely for September.
