The Eurozone: Italy’s exports to China surged recently. This is mostly because of demand for a generic liver drug made in Italy that is rumored to prevent COVID-19, according to IIF. (2 charts)
The United States: The market is anticipating approximately 180 bps of rate reductions from the Federal Reserve in the second half of this year and the first half of next year.
Source: The Daily Shot
Companies increasingly mention weak demand on earnings calls.
Rates: The Treasury curve is steepening at the long end (bull steepener).
Source: The Daily Shot
Commodities: Gold jumped on Wednesday, nearing the high reached in 2020, as the Fed signaled a pause and the US dollar moved lower. Persistent turbulence in the US baking sector and the debt ceiling concerns are also driving prices higher.
Source: The Daily Shot
Energy: Crude oil has been under pressure amid demand concerns.
Source: The Daily Shot
Food for Thought: Here are the months it took apps to reach 100 million users: