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The President of the Council of the European Union: The Council of the European Union and the European Parliament have just reached a provisional agreement on the implementation of two regulations on EU tariff reductions as outlined in the EU-US Joint Declaration.Futures News, May 20th: Domestic supply remains at a low level, and inventories at major ports are expected to continue to decline. However, downstream orders are weak, demand is insufficient, and there are many unstable factors in the Middle East. Oil prices have weakened from their high levels, and the diethylene glycol market may continue to be under pressure in the short term, with downstream buyers remaining cautious.On May 20th, according to foreign media reports, most soybean meal futures contracts on the Chicago Board of Trade (CBOT) fell on Tuesday, with the benchmark contract closing down 0.7%, mainly pressured by profit-taking by long positions. The most actively traded July contract traded between $330.7 and $338.2. Last week, soybean meal futures surged, reaching their highest level since October 2024, and the technical pattern is now severely overbought, indicating a potential correction. EU data shows that as of May 17th, EU soybean imports for the 2025/26 marketing year totaled 11.6 million tons, down 8% year-on-year; soybean meal imports totaled 15.7 million tons, down 7% year-on-year.The European-Mediterranean Seismological Centre reports a magnitude 5 earthquake in southern Iran.On May 20th, according to Axios News, a White House official stated that Trump will attend the G7 leaders meeting in France in June to discuss issues such as artificial intelligence, trade, and combating crime. It is customary for US leaders to attend the annual summit, but his attendance was not previously certain due to Trumps growing dissatisfaction with the failure of G7 members such as the UK, France, Germany, and Italy to align with him on the Iran war. The White House official stated that the G7 meeting will not produce any actual signed agreements, but rather seek to lay a foundation for future agreements. Trumps birthday falls on June 14th, during the G7 meeting, when he will turn 80. While the Iran issue is likely to be on the agenda, Trump hopes to discuss business issues. French President Macron, who has repeatedly been the target of Trumps criticisms, is reportedly trying to appease the US president by hosting a lavish post-meeting dinner at Versailles. It remains unclear whether Trump plans to attend the dinner.

Fears of Stagflation Caused by Tightening Policies Increase As Asian Stocks Fluctuate

Haiden Holmes

Jun 15, 2022 11:11

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Asia-Pacific stocks were mixed this morning, Wednesday. Ahead of a U.S. Federal Reserve meeting that is likely to provide strong tightening decisions, U.S. share markets continued to decline.


Nikkei 225 dropped 0.67 percent at 10:49 PM ET (2:49 AM GMT).


The KOSPI decreased by 1.21 percent.


Australia's ASX 200 index declined 0.38 percent.


Hong Kong's Hang Seng gained 1.14 percent .


Shenzhen Component rose 0.49 percent and Shanghai Composite rose 0.90 percent.


China's industrial output climbed by 0.7% year-over-year in May, according to statistics released on Wednesday, which was marginally higher than market estimates. In April, a decrease of 2.9% was seen, whereas Investing.com had expected a decrease of 0.7%.


Nonetheless, as Beijing saw clusters of COVID-19 breakouts, the city's officials warned on Tuesday that the city was in a "race against time," heightening concerns that the reinstatement of harsh restrictions might harm the city's economy and global supply chain.


The S&P 500 finished down for the fifth consecutive day due to concerns that Fed measures to tighten monetary policy to calm raging inflation might lead to stagflation.


Investors are now betting on aggressive interest rate rises, such as 75 basis points from the Fed, which would be the largest increase since 1004


Steve Englander, director of global G10 FX research at Standard Chartered Bank, wrote in a note, "Inflation is front and center in the headlines and asset markets, and few are voicing worry about over tightening the monetary policy."

After their greatest decline in decades, Treasuries stabilized. Two-year rates recovered after reaching a level not seen since 2007, while 10-year yields retreated from around 3.5 percent.


Barbara Ann Bernard, chief investment officer of Wincrest Capital Ltd., told Bloomberg, "The sooner they are explicit about how rapidly they would increase interest rates and what amount of inflation they consider acceptable, the sooner the markets will settle down."


The Bank of England will announce its policy decision on Thursday, while the Bank of Japan will announce its decision on Friday.


Bitcoin's value on the cryptocurrency market steadied at $22,000.


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