New York Session Heads Up June 21 2022

New York Session Heads Up June 21 2022

• No Biden Move On Chinese Tariffs Likely Before G7 Meeting
• Goldman Warns US Recession Risk Now Higher And More Front-Loaded
• Deutsche Bank CEO: Likelihood Of A Recession In Europe, US Quite High
• ECB’s Kazimir: See’s Technical Recession In Some Eurozone Nations
• ECB’s Rehn: Inflation Surge Justifies Speedy ECB Normalisation
• Euro Zone Current Account Deficit Widens As Energy Price Surge Takes A Toll
• BoE Chief Economist Pill: Would Sacrifice Growth To Cut Inflation
• Britons Switch To Own-Label And Value Ranges To Fight Inflation
• CBI: UK Manufacturers’ Price Expectations Fall To 9-Month Low
• RBA’s Lowe See’s Key Rate Rising Up To 50-Basis Points In July
• Russia Vows To Retaliate Against NATO Member Lithuania’s Population
• US Treasury Yields Rise As Investors Await Fresh Economic Data, Auctions
• US Dollar Stays On The Back Foot As Risk Flows Return
• Oil Prices Climb On Supply And Demand Fundamentals
• US Futures Signal Relief Rally As Contracts Bounced With EU Stocks
• Tesla CEO Musk: Tesla Job Cuts Will Reduce Workforce By 3.5%
• Biden, After Talking With Larry Summers, Says Recession Not Inevitable
• Goldman Warns US Recession Risk Now Higher, More Front-Loaded
• US Treasury Secretary: US In Talks With Allies On Russian Oil Price Cap
• Fed’s Bullard: Hope Economy Repeats Outcome Of 1994 Soft Landing
• ECB Chief Economist Lane: Eurozone At Risk Of “Inflation Psychology”
• ECB’s Villeroy: New ECB Tool Must Backstop Commitment To The Euro
• Biggest UK Rail Strike In 30 Years To Go Ahead Tuesday As Talks Fail
• Ukrainian President Defiant As Russia Intensifies Attacks, Seizes Territory
• China Covid Outbreaks Shift To South With Shenzhen, Macau On Alert
• Japanese FinMin: To Respond To FX Moves Appropriately If Necessary
• RBA Flags More Rate Rises But 75 Basis Point Moves Are Unlikely
• Treasuries Resume Declines On Bets Fed To Repeat Jumbo June Hike
• Asian Equity Markets Broadly Higher; Nikkei 225 Rises More Than 2%

Economic Data

• ECB Current Account SA (EUR) Apr: -5.759B (prev -1.6B)
• Italy Current Account Balance (EUR) Apr: -2.19B (prev -1.03B)
• UK CBI Trends Total Orders Jun: 18 (est 21; prev 26)
• Swiss Exports Real (M/M) May: 2.4% (prev -0.1%; prevR -0.2%)
• Swiss Money Supply M3 (Y/Y) May: 0.1% (prev -0.1%)
• New Zealand Westpac Consumer Confidence Q2: 78.7 (prev 92.1)

CRYPTO

• Workers At Embattled Crypto Operator Terraform Labs Put On No-Fly List – FT
• ProShares Set To Launch First Short Bitcoin ETF In The US – FT
• Bitcoin Holds Above $20,000 After Week Of Forced Crypto Selling – BBG
• Bitcoin Futures Enter Backwardation For The First Time In A Year – CoinTelegraph
• China’s Wechat Bans Crypto And NFT-Related Accounts – CoinTelegraph