New York Session Heads Up June 22 2022

New York Session Heads Up June 22 2022

• Citigroup Economists See Chance Of Global Recession Nearing 50%
• Biden To Call On Congress Wednesday To Pass A Gas Tax Holiday
• White House Economist Remains Optimistic US Can Avoid Recession
• ECB’s De Guindos: Council Yet To Discuss Details Of The Anti-Fragmentation Tool
• ECB’s Villeroy: France Should Escape Recession This Year
• UK Inflation Rises to New 40-Year High With More Gains Expected
• BoJ Debated The Weak Yen, Warned Of Harm From Excess Moves
• China Vows More Pro-Growth Policies As Banks Urged To Step Up
• US Treasury Yields Slip As Market Rebound Fades, EU Spreads Widen
• British Pound Hit Even As Headline Inflation Hits Fresh 40-Year High
• Oil Slumps By More Than $5 As Biden Expected To Cut US Fuel Cost
• IEA Chief Warns EU To Prep For Shutdown Of Russian Gas Exports
• EU Stocks Fall With US Futures On Hard-Landing Scenario Fears
• Biden To Call On Congress Wednesday To Pass A Gas Tax Holiday
• White House Economist Remains Optimistic US Can Avoid Recession
• Fed’s Powell Faces Test Of ‘Unconditional’ Resolve To Tame Inflation
• Richmond Fed’s Barkin Backs 50 Or 75 Basis Point Rate Hike In July
• Germany Prepares To Trigger Second Stage Of Emergency Gas Plan
• Draghi’s Coalition Roiled By Ukraine War As Minister Quits Party
• China Vows More Pro-Growth Policies As Banks Urged To Step Up
• BoJ Debated The Weak Yen, Warned Of Harm From Excess Moves
• Yen Bruised As Japan’s Rates Gap Widens With Rest Of The World
• Asian Equity Markets Slide As Recession Angst Drives Tech Selling
• Bitcoin Sinks Again As Risk-Off Mood Returns On Recession Fears

Economic Data

• US MBA Mortgage Application Jun 17: 4.2% (prev 6.6%)
• UK CPI (Y/Y) May: 9.1% (exp 9.1%; prev 9.0%)
• UK RPI (Y/Y) May: 11.7% (est 11.4%; prev 11.1%)
• UK PPI Input NSA (Y/Y) May: 22.1% (exp 19.4%; prev 18.6%; prevR 20.9%)
• UK House Price Index (Y/Y) Apr: 12.4% (prev 9.8%)
• Sweden Unemployment Rate May: 8.5% (prev 8.2%)
• Japan Machine Orders (Y/Y) May F: 23.7% (prev 23.7%)
• South Africa CPI (Y/Y) May: 6.5% (est 6.1%; prev 5.9%)
• Australian Westpac Leading Index (M/M) May: -0.06% (prev -0.15%; prevR -0.06%)
• New Zealand Trade Balance May: NZ$263M (prev NZ$584M; prevR NZ$440M)
• New Zealand Credit Card Spending (Y/Y) May: 2.2% (prev 1.1%)

CRYPTO

• Bitcoin Sinks Again As Risk-Off Mood Returns On Recession Fears – BBG
• Tether Plans To Launch A Stablecoin Tied To The British Pound – BBG
• Bitcoin Sinks Again As Risk-Off Mood Returns On Recession Fears – BBG
• Bitcoin Miner Bitfarms Sells Coins After Ending ‘Hodling’ – BBG
• Short Sellers Are Having A Field Day Betting Against Crypto Stocks – BBG
• Crypto Billionaire Sam Bankman-Fried Doles Out Credit Lines To Stem Contagion – BBG