U.S. stocks started the second-half on a higher note, bond yields fell and energy prices rose. Economies around the world signaled slowdown on rising input costs. Inflation in Europe accelerated after energy prices surged 42%.
General Motors lowered its earnings outlook for the second quarter. Micron Technology dropped after releasing its fourth quarter outlook. Kohl's terminated business sales talk and deepened quarterly sales decline.
U.S. stocks struggled to move higher on the first day of the month and reacted to corporate news. U.S. manufacturing activities declined in June but activities stalled in Europe and Asia as supply chain constraints and elevated input costs dominated.
European markets were on the defensive after the eurozone inflation accelerated on a 42% jump in energy prices in June from a year ago. Italy joined France, Germany and Spain in reporting elevated inflation this week.
Asian market indexes traded lower after Japan's business confidence declined and jobless rate rose. China's manufacturing activities expanded and home sales rebound according to private surveys.
U.S. indexes fell the most in the first-half in five decades with consumers' health in question and the economy facing steeper path of rate hikes and inflation level uncertainties.
Stocks on Wall Street dropped on the final day of the quarter and major indexes are set to register their worst first half since 1970. Inflation worries gripped the market with the release of latest data.
European markets dropped 2% after investors digested latest unemployment data across the region. French inflation rose at the fastest pace since 1999 on higher food and energy prices.
Asian markets closed mixed and indexes in China rebounded after an index of activities showed expansion in June after contracting for three months in a row.
Stocks, bonds, and energy markets struggled in volatile trading and popular stock averages closed down a fraction. Central bankers delivered hawkish comments in taming inflation but failed to acknowledge their loose monetary policy for more than a decade.
U.S. stocks lacked direction and the first quarter real GDP decreased at an annual rate of 1.6% after the third and final estimate. Central bankers talked tough on inflation but failed to accept their role in fueling inflation after a decade of loose monetary policy.
European indexes declined after Spain reported a 37-year high inflation and German inflation was near record high in June. The economic sentiment indicators dropped both the EU and the euro zone.
Markets in Asia closed down after the crude energy prices resumed the advance and currencies in the region extended losses after the U.S. dollar gained. The yen dropped to a new 22-year low and the rupee fell to a record low. Currencies in Thailand, Indonesia, and Philippines remained depressed.
Major market averages turned negative after the consumer confidence index dropped for the second month in a row and expectations index plunged to a nine-year low. Crude oil extended gains on the expectations of rising demand from China.
U.S. stocks wavered after the early bounce dissipated following weak consumer confidence data. Crude oil prices continue to march ahead after China eased restrictions for inbound travelers.
