U.S. Equity Markets suffered their worst day since the COVID Crisis in March 2020 as the S&P wiped out all of its 27% gains in 2021 with a loss yesterday of almost 4%. The VIX closed 22% higher at a price of 34.02 on what turned out to be most of the most brutal trading sessions in many years for risk assets. The preliminary estimate of the Consumer Sentiment Index published Friday by the University of Michigan showed U.S. consumer sentiment hit an all-time low in June. This was driven by a continued rise in inflation and gas prices, which put increased pressure on consumers, Indexes such as the S&P 500, and the U.S. economy. The development also adds to already-rising concerns, as the data – combined with the latest Consumer Price Index readings from the Bureau of Labour Statistics – indicated inflation is not slowing down as money managers had hoped. No asset class was spared with 10-Year Treasuries – normally a safe haven when Equity Markets dump – closed 21 basis points higher at a yield of 3.37%. Meanwhile, Bitcoin slumped over 12% on reports that Celsius would shutter trading activity on its crypto platform. Bitcoin is now down 53% for the year and 69% since its high last November, trading below $22,000. Within the S&P 500, all 11 sectors finished lower. European Markets closed lower. The Bank of England will release its monetary policy statement on Thursday, with investors anticipating a 0.25% interest-rate hike and an outlook for additional increases. The Leibniz Centre for European Economic Research’s Euro-Zone and German economic growth survey is expected to show increasingly less pessimistic sentiment on Tuesday. European Central Bank Governing Council member Joachim Nagel said it’s “far, far away” from normalising policy, implying interest rates must go much higher. In Asia, The Bank of Korea will release its May policy meeting minutes on Tuesday, with the text anticipated to support its recent guidance for additional inflation-fighting rate hikes. The People’s Bank of China’s new Yuan loan growth for May was much stronger than expected, signalling banks are adhering to Beijing’s prodding for economic support. The Bank of Japan will unveil its monetary policy update on Friday, with investors predicting it will continue its easy-money policies. The Chinese cities of Shanghai and Beijing reintroduced mass COVID-19 testing mandates, stoking fears of new rolling lockdowns of manufacturing facilities. Elsewhere, Oil rose 0.8% after a volatile trading session while Gold fell 3% on Dollar strength.
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