* US and allies looking for ways to limit further surges in global oil prices
* Inflation is an increasingly challenging subject for the White House
* China’s appetite for key commodities remained subdued in May
* ECB expected to confirm intent to raise interest rates next month
* China appears intent on maintaining a permanent zero-Covid policy
* Battery shortage is constraining US switch to wind and solar power
* “Dangerous and deadly heat wave” on the way for the US Southwest
* US mortgage application activity falls to 22-year low for week through June 3:
China has effectively matched US in world output for seven critical high-tech sectors, according to data through 2018 via the Organization for Economic Cooperation and Development. The US has lifted its share in one sector, information technology and information services, but has lost share in the other six key categories combined. “We’ve gotten so enamored with big tech, that masks very significant weaknesses elsewhere,” says Robert Atkinson, founder and president of the Information Technology & Innovation Foundation. “Weaknesses [in tech] make the United States vulnerable to economic aggression, especially from China.”
Fintech sector is facing strong headwinds amid high inflation and rate hikes. “Within the investment community, the mood is very grim,” says Iana Dimitrova, CEO of payment software firm OpenPayd as efforts to raise money struggle in 2022.
US 3mo/10yr Treasury yield curve has fallen recently but remains firmly positive at 1.75 percentage points, as of June 8.