US recession fears are back in focus as the flash services PMI report dropped to 44.1, the lowest report since May 2020.
The fall in US producer price index (PPI) triggered a fresh round of buying on Wall Street and the S&P 500 has set a new three month high.
The bears have emerged now that US traders are back in action following their long weekend because of the Independence Day holiday yesterday.
The mood in the markets is a little downbeat as worries about a cost-of-living crisis are still doing the rounds.
Eurozone stock markets are powering ahead this afternoon thanks to the news the Beijing authorities are easing up on some of the Covid restrictions.
Once again fears about high inflation and the prospect of more interest rate hikes in the US are hammering stocks.
Inflation has been a hot topic lately as there are growing concerns about a cost-of-living crisis.
Volatility is low across the board as traders await the Federal Reserve meeting. Broadly speaking, economists are expecting interest rates to be hiked by 0.5%.
Stock markets have undergone a rebound today following the World Bank’s downgrade to global growth, the body now predicts the world economy will expand by 3.2% in 2022, while the previous forecast was 4.1%.
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