In today’s briefing:
- EA: Activity Towards Gradual Exit
- CX Daily: Global Food Crisis Stalks the Starving as War, Covid Choke Supplies
EA: Activity Towards Gradual Exit
- Services activity remains relatively robust in the Euro area, consistent with ongoing expansion. The consumer confidence crash is likely to bind business pricing power.
- Unemployment’s steep trend decline still suggests a tightening that exceeds the experience of many countries with far more hawkish policy outlooks.
- The ECB remains likely to respond soon after finishing QE, with an initial hike in Sep-22. We still see a demand squeeze encouraging a more gradual cycle than markets price.
CX Daily: Global Food Crisis Stalks the Starving as War, Covid Choke Supplies
Food / Cover Story: Global food crisis stalks the starving as war, Covid choke supplies
Covid-19 / Shanghai eases restrictions in six districts
PMI / China manufacturing slump deepens as Covid curbs bite, Caixin PMI shows
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