- Concerns about inflation and the global economy overshadowed the Bank of England's move to restore calm in markets on Thursday.
- US futures fell as European stocks extended their selloff, causing valuations to fall to their lowest level since 2012, and Hong Kong's Hang Seng tech index fell to its lowest level since inception.
- The dollar rose against all of its G-10 peers, while treasuries fell, as investors focused on expectations that the Fed will continue to raise interest rates aggressively. The pound lost a two-day gain, and UK gilt yields rose, as UK Prime Minister Truss defended a massive package of unfunded tax cuts that shook markets.
- European bond yields rose as investors digested the latest inflation data and central bank officials' commentary. Eurozone economic confidence has fallen to its lowest level since 2020.
- In other news, the London Metal Exchange is launching a discussion paper that, according to people familiar with the matter, is the first step toward a potential ban on new supplies of Russian metal.
- Meanwhile, Russia has vowed to proceed with the annexation of the parts of Ukraine that its troops currently control, putting the Kremlin on a collision course with the US and its allies.
