Yellen in China | USTR Tai in Mexico | Europe: Diesel price surge, no reason to block glyphosate renewal
The U.S auto industry is showing signs of recovery, with an alignment between its production and inventory levels with robust consumer demand. The diesel market in Europe has experienced a surge, highlighting its susceptibility to shortages following the halt of imports from Russia earlier this year. Russian agricultural bank Rosselkhozbank said it was not considering setting up a subsidiary that could connect to the SWIFT global payments system, Interfax reported.
Adding to this, the Copernicus Climate Change Service, a research agency sustained by the European Union, disclosed that June has been the hottest on record. As per the climate scientists at Copernicus, the record-setting temperatures can be attributed to the industrial emissions of greenhouse gases over a span of several decades, coupled with the development of an intense El Niño weather pattern in the Pacific Ocean.
U.S. equities yesterday: All three major indices ended the session with losses with only the Nasdaq able to spend some time in positive territory early in the session. The Dow ended down 129.83 points, 0.38%, at 34,288.64. The Nasdaq was down 15.12 points, 0.18%, at 13,791.65. The S&P 500 declined 8.77 points, 0.20%, at 4,446.82.
The volatility seen in week-to-week figures is mitigated in the four-week moving average, which showed a decrease of 3,500, bringing it to 253,250. In terms of unadjusted figures, claims saw an increase of 20,838, reaching 250,556. Noteworthy upticks were seen in Michigan and New York. During the Federal Open Market Committee meeting on June 13-14, most Fed officials agreed on the pause in the growth of the Fed funds rate, maintaining its target range at 5 to 5-1/4%. The pause allows officials more time to assess the economy's progress towards the Committee's goals of employment and price stability. Nevertheless, they believed additional rate increases may still be needed this year.
The Fed staff maintains its prediction of a mild recession in the forecast later this year. Both the labor and product markets' tight resource utilization is expected to ease by 2025 with real output going below the potential output estimation and the unemployment rate surpassing its natural rate.
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