- Investors ran to the protection of Treasuries and stocks as fears that aggressive central bank policy will push nations into recession increased as interest rates began to rise and negative euro-area activity figures were released.
- Global stocks headed for their biggest weekly decline in more than three months. European shares fluctuated, with a record 36% drop in Siemens Energy's shares after a profit warning dragging on the broader market. Defensive sectors such as health care gained. US index futures fell.
- Threats of additional rate rises and worries that the full economic impact of aggressive rate increases has not yet been absorbed are weakening the second-quarter market boom. In 2023, the US may require one or two additional rate rises, according to Fed's Chair Powell.
- German 5-Yr rates have dropped as much as 16 basis points to 2.48% as a result of a rally in European bonds, which will likely result in the greatest decline since April. US Treasury yields decreased in lockstep, with the benchmark 10-Yr note losing 5 basis points.
- According to business surveys by S&P Global, Germany's economy lost more momentum than expected in June due to a slowdown in services and persistent weakness at the nation's manufacturing. According to unrelated data, France's GDP probably contracted in the three months leading up to June. The figures caused the euro to drop significantly.
