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Markets Today: Independence Day: Recession Resurgence
podcast At least for equities, bad news continues to be good news. Notwithstanding increasing recessionary concerns and after a dismal first half, US equities started the second half of the year on a positive note. The US ISM manufacturing printed softer than expected with the new orders subindex falling into contractionary territory, fuelling US recessionary concerns alongside a less aggressive Fed tightening cycle. Meanwhile, EZ inflation reached a new record high in June, heightening the debate over more aggressive ECB hikes. In a volatile environment, core global yields accelerated their decline while the USD ... (full story)