July 5, 2022
United States:
Oil-Price Boosting US Gasoline Market Is Starting to Cool Down
It’s been a tailwind for oil prices for most of this year, but the previously booming US gasoline market is showing a few signs of cooling off.
Retail prices have now fallen for 21 consecutive days, the longest losing streak since April 2020. The relief at the pump is welcome news for many in the US who rely on cars for work and leisure, and to President Joe Biden as he tries to lower fuel costs. Meanwhile in the futures market, money managers are holding the fewest bullish bets relative to bearish ones since November.
Europe:
Bank of England Says Global Outlook Has ‘Deteriorated Materially’
The Bank of England said the global economic outlook has “deteriorated materially” after surging commodity prices pushed up inflation around the world, posing a further downside risk in months ahead.
Asia:
Foreign Investors Drained $40 Billion From Emerging Asia Last Quarter, and It Could Get Worse
Some of Asia’s biggest stock and bond markets outside China are seeing greater outflows than in previous market crises, and the process may just be getting underway.
Global funds offloaded a net $40 billion of equities across seven regional markets last quarter, exceeding any three-month period characterized by systemic stresses since 2007. The steepest selling was in tech-heavy Taiwan and South Korea and energy-importing India, while foreign investors also made supersized outflows from Indonesian bonds.
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