Daily Market Insight

• Powell warns US recession is ‘certainly a possibility’ • US Mortgage Applications Rise for 2nd Week • ECB is expected to raise deposit rate to 0.75% by year-end • Asia shares struggle, oil falls as recession fears linger

• Wall Street sees higher probability of U.S. recession next year • U.S. Existing Home Sales Slide for Fourth Straight Month • UK manufacturers' price expectations fall to 9-month low • Yen drops to fresh 24-year low vs U.S. dollar

• Yellen says gasoline tax holiday worth considering as anti-inflation tool • German Producer Inflation Hits Record for 6th Month • RBA Reaffirms More Hikes Ahead: June Minutes • Dow futures surge more than 400 points, 10-year Bund yield rose

• U.S. reviews China tariffs, possible pause on federal gas tax to curb inflation • U.S. manufacturing output softens; leading indicator extends decline • Euro zone inflation reached record high 8.1% in May • Yen tanks as FX market adjusts to central bank rate decisions

• Bank of England boosts interest rate to 13-year high as inflation soars • U.S. labor market appears to cool; homebuilding slumps as rates surge • BOJ keeps ultra-low rates, dovish policy guidance • Swiss franc soars after shock rate hike; pound rises

• Fed hikes its benchmark interest rate by 0.75 percentage point • European Central Bank holds emergency meeting to discuss market rout • Japan Runs Biggest Trade Deficit in More Than 8 Years in May • US stock futures climbed higher on Thursday

• U.S. fuel and trucking costs power producer inflation • UK slowdown fears mount as GDP unexpectedly shrinks in April • Japan's core machinery orders post surprise double-digit growth • Yields hit decade highs before expected 75 bp Fed rate hike

• Fed likely to boost interest rates by 0.75 basis point • US Inflation Expectations Back to Record High • New Zealand May Food Inflation Rises to 6.8% • Brent steadies around $122.5 per barrel as tight global oil market • Fed bid to fight decade high inflation triggering inverted yield curve

• U.S. annual inflation posts largest gain in nearly 41 years • Bank of England says 12-month inflation expectations hit record • South Korea June 1-10 exports shrink 12.7%, trade deficit at $6 billion • Dollar rises as hot U.S. inflation data seen keeping Fed hawkish

• China's exports surge on easing COVID curbs, trade outlook still fragile • Weak yen pushes up Japan's wholesale import costs at record pace • ECB to raise interest rates, end net asset purchases in July • Dollar gains ahead of inflation data, euro falls after ECB