- Bond prices increased as more indications emerged of a slowdown in China's economy, while European stocks and oil prices fell.
- Investors began Monday on a pessimistic note after statistics revealed that China's growth for the second quarter underperformed expectations, after a week of unprecedented stock market advances. As economic statistics continue to show decreasing momentum, the claim that Chinese consumers emerging from Covid lockdowns would be able to support the global economy in spite of rising US and European interest rates is becoming more tenuous.
- As investors sought to protect against a possible decline in the stock market and the economy, bonds continued to rise. The 10-year Treasury yield decreased five basis points to 3.77%.
- EU's Gentiloni: Inflation to be near the 2% target in 2024.
- Kremlin: The Black Sea Grain Agreement has expired as of today. (Grain prices strengthen)
