- BOJ unchanged, adds to their statement that “it is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan’s economic activity and prices”.
- UK’s Gatwick Airport will have up to one in ten flights cancelled during the school summer holidays.
- WTO finalises a series of trade agreements including commitments to stop over-fishing and a partial IP waiver on Covid vaccines.
- Largest weekly increase in US mortgage rates since 1987 according to Freddie Mac.
- Omicron offshoots drive new surge in hospitalisations, almost back to their recent peak in Portugal, and one-third of it in England.
- China turns Olympic villages into Covid quarantine camps.
- German FinMin Lindner told Lagarde he wasn’t worried about Eurozone core-periphery bond spreads and talking about it could damage confidence.
- Draghi says ECB interest rate rises are “bound to be more gradual” than the Fed’s.
- Reverberations in the crypto world from the failure of Three Arrows Capital to meet margin calls continues with Finblox reducing its withdrawal limits.
- Musk hints at redundancies in first meeting with Twitter employees.
The S&P 500 closed down 3.2%, making it a fall of 6% for the week. Almost every stock in the S&P 500 declined on Thursday. Asian stock markets were mixed. Today Powell gives the opening remarks at a conference on the International Roles of the US Dollar in Washington DC.
Liam Halligan, the economist and journalist, interviewed our CEO Helen Thomas for this week’s edition of his podcast for the Telegraph, “Planet Normal“. In it, he asks whether we are headed for a financial market meltdown, a return to the 1970s, and what would her advice be for Boris and Rishi? You can listen on Apple, Spotify, and find a full list of episodes here. She warns there is battle taking place for the soul of the Conservative Party – and a risk of revolution across the globe.