Macro Briefing: 26 June 2023

* Putin survived the mini coup launched by Wagner, but his authority takes a hit
* Oil market may face new supply risks after failed uprising in Russia
* World economy at crucial point as inflation struggle continues, advises BIS
* Global economy increasingly relies on consumers for growth
* World’s debt crisis is becoming increasingly complicated due to US-China Rivalry
* Corporate defaults double over year-ago level, reports Moody’s
* China consumer, factor data edge up but still highlight weak economy
* Yen’s recent weakening may be threat to Japanese economy
* Rise in corporate defaults linked to rising interest rates, economic uncertainty
* Pandemic effects, government aid boosting economic resilience, at least for now:

Is the US in a so-called rolling recession? Although a modest expansion still appears intact from the perspective of gross domestic product (GDP), one analysts says a closer look reveals weakness. “We’re calling that a rolling recession,” David Bailin, Chief Investment Officer at Citi Global Wealth Investments tells Yahoo Finance. He points to some sectors of the economy in decline vs. strong growth in others, including like travel and leisure. “Clearly commercial real estate is in recession. Some of our manufacturing, basic consumer manufacturing is in recession right now.”