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Noor News, Iran: Sporadic clashes have continued for an hour.European Central Bank President Christine Lagarde: The Eurozone economy started in a more favorable position under the energy shock than before the outbreak of the Russia-Ukraine conflict.On May 8, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, held talks in Beijing with Bonne, Foreign Affairs Advisor to the French President. Wang Yi stated that the foundation of China-France relations is solid political mutual trust, and the key is mutual respect for each others core interests. He hoped that France would take concrete actions to uphold the one-China principle, refrain from any form of official exchanges with the Taiwan authorities, and avoid sending any wrong signals to the "Taiwan independence" separatist forces. Chinas policy towards Europe has been consistent; it has always viewed Europe as an important pole in a multipolar world and supports European integration and the development and growth of the EU. China and the EU have always been partners, not adversaries. He hoped that France, as an important EU member state, would play a positive and constructive role, promote a correct and rational understanding of China within the EU, adopt pragmatic and open trade and economic policies towards China, and clear obstacles for the long-term, healthy, and stable development of China-EU relations.US military: The US has imposed a mandatory blockade on two Iranian oil tankers.On May 8th, U.S. consumer confidence fell to a new record low in recent weeks as consumers worried about the impact of inflation on their personal finances and purchasing power. Data from the University of Michigan showed that the preliminary consumer confidence index for May fell to 48.2 from 49.8 in April. Consumers expect annual price growth of 4.5% over the next year, a slight decrease from the previous month; their long-term inflation expectations for the next 5 to 10 years are 3.4%. Consumer confidence remains low due to growing anxiety about the overall cost of living, coupled with a sharp rise in gasoline prices. Data from the American Automobile Association (AAA) showed that the average U.S. gasoline price this week exceeded $4.50 per gallon for the first time since July 2022, and has risen by more than 50% since the start of the Iran-Iraq War. Joanne Hsu, the surveys director, stated, "About one-third of consumers actively mentioned gasoline prices, and about 30% mentioned tariffs. Overall, consumers continue to feel the impact of cost pressures, with the most significant driving factor being soaring gas station prices." The preliminary current conditions index for May fell to 47.8, a record low; the expectations index, however, rebounded for the first time since January. Consumers assessment of their current financial situation has fallen to its lowest level since 2009, and the criteria for purchasing has also dropped to a five-month low.

Stock Markets Analysis – Is Recession Possible?

Skylar Shaw

Jun 30, 2022 14:50

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Data released yesterday showed that consumer confidence decreased more than anticipated in June, reaching a six-month low, adding fuel to those worries.

consumer assurance

According to the Conference Board, the decline was caused by rising inflation and worries about a potential recession. Consumers' expectations for wage growth, the job market, and business conditions have dropped to their lowest points in over a decade, giving them a rather bleak short-term picture for the economy as a whole.


Bulls, on the other hand, highlight specifics from the Consumer Confidence report that show US consumers do not intend to cut back on spending as much as some have feared, with future spending plans for automobiles and other expensive items like refrigerators and washing machines actually increasing... so they claim. Given that gas prices have increased by up to $5 a gallon in many areas and that grocery store food prices are much higher than they were in the past, it's difficult for me to see where people would find the bigger lump sums of money.


You have to think that the US consumer will eventually reach a credit card limit and lose the ability to refinance and leverage their properties. Remember that consumer spending makes up over 70% of our economy, so if it declines, the economy will as well.


How much will consumer spending slow down, I wonder? Perhaps not much right now, but if the Fed keeps raising interest rates and the price of food and energy continues to rise—which I believe it will—the US consumer will ultimately suffer greatly.

Q2 earnings

For S&P 500 businesses, experts on Wall Street presently forecast Q2 profit growth of +4.3 percent, down from approximately +6 percent at the end of March. As we approach Q2 earnings season, which "unofficially" begins on July 13 with reports from major Wall Street Banks, many on Wall Street believe that expectations will be lowered even more.


Investors today will be analyzing more remarks from Fed Chair Jerome Powell, who will take part in a panel discussion at a bank symposium sponsored by the European Central Bank.


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