Symbol: EURCHF; Type: BUY; Open Price: 0.95855; Close Price: 0.96437; Profit: +0.604%.
Symbol: UK100; Type: SELL; Open Price: 7248.23; Close Price: 7438.61; Profit: -2.559%.
Recovery of European shares
Yields on Treasuries and the currency both fell before the Jackson Hole summit. Futures prices have increased due to China's enormous stimulus program, which has helped to calm investors' concerns as they anticipate a vital speech by the chair of the Federal Reserve, Jerome Powell. The benchmark for European stocks retraced some of its earlier gains in response to conflicting economic statistics from the region's most important country.
Losses of crypto leaders due to the fall of cryptocurrencies
As a result of the decline in market prices, several prominent people in the cryptocurrency industry have suffered enormous losses. There have been several crypto enterprises that have declared bankruptcy, and there have been multiple high-flying crypto CEOs who have found themselves jobless. Back in the year 2020, Michael Saylor, the co-founder and former CEO of MicroStrategy, leveraged the financial sheet of his firm to place a significant wager on Bitcoin.
A recession in the European economy is expected until the end of 2022
According to UBS, the rise in global energy costs has already created a recession in the Eurozone. UBS experts predict that the current period of “shallow” decline will continue until the end of 2022. Morgan Stanley anticipates a further decline beginning in the fourth quarter. The economies of the 19 nations will contract by 0.1% in the third quarter and by 0.2% in the fourth quarter. However, following the successful month of June, experts have upgraded their prognosis for the whole year.