- US index futures and European equities fell as concern over the possibility of a recession outweighed optimism over US-China talks aimed at tariff reductions. The Euro fell to a 20-year low against the dollar.
- The S&P 500 and NASDAQ 100 index contracts both fell by at least 0.6% as US markets prepared to open again following the Fourth of July holiday. Automobile and commodity firms, as well as other equities from Europe that are closely related to the economy, had the highest losses. While a sell-off in treasuries calmed, investors flocked to the protection of the dollar.
- In light of rumors that Washington may relax some of the trade restrictions put in place by former President Donald Trump, US and Chinese officials conducted talks. Even though that was a comfort, investors kept worrying about a possible US recession, persistent inflation, and monetary tightening. French purchasing managers' indices and other economic indicators in Europe came in below expectations.
- BoE Gov. Bailey: Global financial conditions have tightened significantly.
- BoE: UK house price growth is expected to slow later in 2022 and 2023.
- Saudi Aramco raises all August oil prices for Asia customers.
