Briefings

Archive June 2022

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Week InAdvance: June 27, 2022

Mon Jun 27 G7 summit in Germany. EU energy minsters in Luxembourg. ECB Forum in Portugal. Wimbledon Championships start. | Tue Jun 28 Housing in the House. | Wed Jun 29 NATO summiit in Madrid. | Thu Jun 30 OECD parliamentary event. US Supreme Court releases an order list. | Fri Jul 1 Xi speaks in Hong Kong. Tour de France starts in Copenhagen. | Sat Jun 2 World UFO Day takes place on the anniversary of the Roswell incident in New Mexico in 1947.
 
The Group of Seven leading economic powers started a three-day summit in Germany on Sunday. That meeting is followed by a NATO leaders gathering in Madrid.
 
Following the meeting this week of EU leaders, the events are likely to be a key test of the West’s resolve to continue supporting Ukraine in its war against Russia, and to demonstrate unity as economies come under increased stress. 
 
The European Central Bank holds its annual Forum on Central Banking in Sintra, Portugal, with top global central bankers to speak at a time of acute concerns about inflation. 

Week InReview: June 24, 2022

History books.
 
Source: Bloomberg & Societe Generale
 
The S&P 500 Index may have another 24% to fall by year-end, if the past 150 years of financial-market history are any guide. That’s according to Societe Generale, which calculates the benchmark gauge may need to tumble as much as 40% from its January peak in the next six months to hit bottom. Overnight, US Treasuries rallied after another batch of economic data fell short of expectations, ratcheting up recession worries. The S&P 500 ended almost 1% higher as the decline in yields made stocks relatively more attractive. Equity futures signal cautious starts in Japan, Australia and Hong Kong.

Week InAdvance: June 20, 2022

Mon Jun 20 US Juneteenth holiday, US markets are closed. | Tue Jun 21 Summer solstice. | Wed Jun 22 Powell in the Senate. | Thu Jun 23 Fed stress test results. Powell in the House. EU leaders meet. BRICS summit. | Fri Jun 24 IOSCO, OECD corporate bond market forum. | Sun Jun 26 G7 summit begins.
 
Federal Reserve Chair Jerome Powell appears in the Senate on Wednesday and the House on Thursday. He will likely be grilled on what a more aggressive Fed could mean for jobs and the economy.
 
Also on Thursday, the Fed will release the results of its 2022 stress tests. In this round, the largest US banks will be tested against a hypothetical massive surge in unemployment and a crash in commercial real estate.
 
European leaders meet in Brussels for a two-day meeting, starting June 23. The war in Ukraine and its many consequences will dominate the agenda.

Week InReview: June 17, 2022

Hybrid meeting hell.
 
Photo illustration: Elena Scotti | WSJ, iStock, Shutterstock
 
Colleagues in the conference room. Others in the living room. Hybrid work made meetings even worse. Welcome to the hell of the hybrid meeting. Throw in the related side effects – office-people often ignoring the video-call people and that guy who always forgets to mute – and you’re left longing for the simpler times of toilet-paper shortages, double-masking and all-day Zoom.
 
The hybrid model has emerged as the leading choice for many companies, with 42% of people with remote-capable jobs working partly at home and 39% working entirely from home, according to a February 2022 Gallup poll.
 
Microsoft, Google, Zoom and others are trying to solve the problems. The solutions won’t fix everything. But there are big developments coming, along with creative – and some free – options you can start trying with your colleagues right now. 
 
— The Wall Street Journal

Week InAdvance: June 13, 2022

Mon Jun 13 WTO ministerial meeting. US Supreme Court releases an order list. | Tue Jun 14 US primaries. | Wed Jun 15 FOMC rate decision. | Thu Jun 16 Bank of England rate decision. | Fri Jun 17 Basel Commitee meets. Bank of Japan rate decision.
 
Federal Reserve policy makers set interest rates Wednesday, and a half-point rate increase is all but certain. The Fed’s economic projections and dot plot, along with Chair Jerome Powell’s post-meeting news conference, will provide clues on how much further the central bank intends to keep tightening.
 
At the Bank of England, a 25 basis-point hike is expected Thursday, but longer-term bets on how high rates will go are being trimmed amid a grim economic outlook. In Japan, the central bank’s dovish policy is under scrutiny as the yen tumbles to historic lows against the dollar. The Bank of Japan decides on Friday.
 
Officials gather in Geneva for the first meeting of the World Trade Organization’s highest decision-making body in nearly five years amid the simultaneous crises of surging inflation, war, disease and potential famine. The goal of the WTO’s 12th ministerial conference is to conclude small but symbolically important deals to show that the organization is still capable of rallying countries to act together to solve problems.

Week InReview: June 10, 2022

Pointing lower.
 
Stocks face more pressure Friday after concerns about inflation again sparked a Wall Street slide while pushing up bond yields and the dollar. Equity futures point to declines in Japan, Australia and Hong Kong. A slump in Chinese shares traded in the US on uncertainty over the regulatory outlook and Covid lockdowns is an additional headwind for Asia. The next test for markets is the US inflation print Friday, which will provide clues about how aggressively the Federal Reserve will raise interest rates. The data are expected to show an annual consumer-price gain of more than 8%.
 
— Bloomberg Markets

Week InAdvance: June 6, 2022

Mon Jun 6 Apple worldwide developers' conference. | Tue Jun 7 Senate hearing on ransomware & cryptocurrency. | Wed Jun 8 FSB systemic risk workshop. OECD climate roundtable. World Ocean Day. | Thu Jun 9 SEC to discuss non-traditional financial info & climate disclosure. | Fri Jun 10 BOE inflation survey. Inflation figures for the U.S. and China. | Sat Jun 11 London Fashion Week opens. | Sun Jun 12 75th annual Tony Awards for the best Broadway productions presented at Radio City Music Hall in New York City.
 
The ECB is expected to announce an end to net asset purchases and signal it will start raising the deposit rate in July when its Governing Council meets Thursday in Amsterdam. The Reserve Bank of Australia, Reserve Bank of India, and the Central Bank of Russia also set monetary policy.
 
The U.S. Supreme Court is expected to rule by July in a case that could overturn Roe v. Wade – the landmark opinion protecting abortion rights – while potentially deciding a New York case that could establish a constitutional right to carry a handgun in public.
 
The ninth Summit of the Americas takes place in Los Angeles. U.S. President Joe Biden and Brazilian President Jair Bolsonaro will hold their first bilateral meeting, while Mexican President Andres Manuel Lopez Obrador has threatened to boycott the event unless all of the region’s leaders are invited.

Week InReview: June 3, 2022

'I’ll take meme stocks! Invest!'
Investomania: Meme Stocks
 
The Securities and Exchange Commission’s Office of Investor Education and Advocacy on Wednesday unveiled a game show-themed public service campaign to help investors make informed investment decisions and avoid fraud. Recognizing that sometimes investing may look and feel like a game, the campaign titled “Investomania” reminds investors to do their due diligence when making investment decisions.
 
One of the goals of the Investomania campaign, which features a 30-second TV spot, 15-second informational videos on crypto assets, margin calls, and guaranteed returns, and interactive quizzes, is to reach existing, new, and future investors of all ages. The campaign encourages investors to research investments and get information from trustworthy sources to understand the risks before investing. The campaign also reminds investors to take advantage of the free financial planning tools and information on Investor.gov, the SEC’s resource for investor education.
 
Check out the 15-second videos:
Crypto – In the video, a celebrity encourages investors to take their advice and buy crypto-assets. The video is intended to remind investors not to be tempted by celebrity endorsements and to do their own, independent research when making investment decisions.
 
Easy Money – This video reminds investors that there are no guaranteed financial returns on investments and that every investment – no matter how good it may sound – has a risk.
 
Margin – This video warns investors that borrowing money to invest can be very risky.

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