Meanwhile in markets, risk-off sentiment pervades though bond yields are staying higher this time around as ECB-speakers and Fed-speakers refuse to budge on tightening despite pretty intense recession fears.

Chinese equities are tanking this morning on the umptieth Covid outbreak. Plus, Beijing is having another go and a new episode in the seemingly equally never-ending saga that is the CCP’s crackdown on big tech (this time it was fines on Alibaba and Tencent).  The Shanghai Composite, which had a quite significant rally in the past months, was down 1.6 percent. The Hang Seng is down 3 percent. On the other hand, the Nikkei was up more than a percent after the ruling LDP easily won the Upper House elections on Sunday.

 

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