Week So Far
We are in the middle of the week. Let's cover what happened together in our blog.
1- Russia - Ukraine War
Russian troops have controlled most of Donbass Region and Lugans Region. The UK, Germany and The US are sending more military support to Ukraine. And we may see a new phase in the war with the recent Russian Gains.
2- Oil Prices Decline
Oil prices sank over 7% on Wednesday amid mounting fears about a possible recession as several central banks delivered big rate hikes to tame surging inflation. Meantime, US President Biden is set to meet with seven large oil companies Thursday on a campaign to drive down fuel prices. WTI crude oil and Brent futures hit their lowest in more than a month, trading below $103 a barrel and less than $108, respectively.
3- United States Existing Home Sales
Existing home sales in the US declined by 3.4% to a seasonally adjusted annual rate of 5.41 million in May of 2022, the lowest since June of 2020 and broadly in line with estimates. Sales went down for a fourth consecutive month as rising mortgage rates and decades-high inflation eat into household income. Total housing inventory registered 1,160,000 units, an increase of 12.6% from April and the median existing-home price for all housing types was $407,600, up 14.8% from May 2021.
4- United Kingdom Inflation Rate
The annual inflation rate in the UK increased to 9.1% in May of 2021 from 9% in the previous month, the highest since 1982 and in line with market expectations. Cost accelerated for housing and utilities (19.4% vs 19.2%); transport (13.8% vs 13.5%); food & non-alcoholic beverages (8.6% vs 6.7%); furniture & household goods (10.5% vs 10.3%); and alcoholic beverages & tobacco (5% vs 4.4%).
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