The Monday Mix: June 20 – 26, 2022
Top-of-mind economic news as we start the week:
— The IMF lowered its forecast for US GDP growth to 2.9% for 2022 and 1.7% for 2023; latest Wall Street Journal survey: 44 % of economists expect a US recession in next 12 months, highest % since 2005.
— US consumer sentiment for June was down to 50.0 on a key survey (UMichigan), a record low and a 42% year-over-year drop.
— Russia defaulted on roughly $100 million in eurobond debt, not due to insolvency but because it’s locked out of system of int’l payments for invading Ukraine.
— The stocks of S&P 500 companies with high domestic sales have done 9% better this year than those with high foreign sales, with strong US dollar key factor.
— Most green or environmental funds are not aligned with Paris Agreement goal to limit global warming to less than 2 degrees Celsius, based on Scope 1 and 2 emissions of portfolio companies, per S&P Global Sustainable1.
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