Australia’s export earnings rise on energy prices
South Africa’s electricity shortages are worsening
U.K. electricity pricing – space and time (parts 1-3)
Biden/Bezos disagree on causes of inflation ($FT)
U.S. government split on lifting China tariffs ($FT)
NATO’s resolve tested by economic downturn ($FT)
U.S. refineries push crude processing to limit ($BBG)
U.S. CENTRAL BANK is now expected to raise rates earlier and more aggressively to bring inflation under control, with traders anticipating rates will peak around the end of the first quarter or the start of the second quarter of 2023. By implication, the business cycle is expected to slow significantly by the end of this year, creating conditions for inflation to moderate and the central bank to begin easing interest rates a few months later by the second quarter of 2023:
U.S. MANUFACTURERS reported much slower growth last month. The Institute for Supply Management (ISM)’s purchasing managers’ index slid to 53.0 in June (45th percentile since 1980) from 56.1 in May (76th percentile) and 60.9 a year ago (97th percentile):
U.S. MANUFACTURERS reported a decline in new orders for the first time since the first wave of the pandemic in 2020. The ISM new orders index slumped to 49.2 in June (18th percentile) from 55.1 in May (45th percentile):
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