RWE calls for EU standardised gas rationing plan ($FT)
China’s southern floods and northern heatwave (trans.)
EU/Russia de-escalate dispute over Kaliningrad ($FT)
Russia cancels Kaliningrad grid separation exercise
U.S. energy secretary holds summit with refiners
Freeport LNG’s extended outage and the impact
Pakistan cancels expensive LNG tender ($BBG)
Recession indicators, depth and duration ($BBG)
Investors prepare for imminent recession ($BBG)
U.S. FINANCIAL CONDITIONS are tightening rapidly, nearing levels consistent with the onset of a recession or at least a pronounced mid-cycle slowdown. The Federal Reserve Bank of Chicago’s adjusted financial conditions index, which measures financial pressure, has risen to the highest since the first wave of the pandemic in 2020 and before that 2011. In contrast to those episodes, however, this time the central bank plans to tighten conditions even further to squeeze inflation out of the economy rather than easing them to support growth and employment:
SOUTH CHINA continues to experience torrential rainfall, with cumulative precipitation this year at Xiangjiaba on the Sichuan/Yunnan border almost +60% higher than the seasonal average for 2014-2021, and even heavier rains expected in July and August:
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