This week, the US President Joe Biden sent a demand to oil refiners asking for an explanation to the lack of fuel in the US market.
The US Federal Reserve has hiked its base interest rate from 1.00% up to 1.75%, instead of the expected rate hike up to 1.50%.
This week, Coinbase announced that the crypto exchange would reduce its staff by 1,100, as the cryptocurrency market has been plummeting.
On Wednesday, the European Central Bank issued a statement after an emergency meeting. In general, the bank announced that it would develop a new mechanism for bond reinvestments and develop a new system for monetary control.
This week, OPEC stated that the oil producers expect global oil demand to decline in 2023.
The US National Federation of Independent Business has revealed that its Small Business Optimism Index has decreased to 93.1 during May, which is a new record low.
FedEx has announced that the company would increase its dividend by more than 50.00%. The news caused a major surge of the company's stock price.
Reuters revealed this week that half of surveyed Japanese firms see the weak Japanese Yen as an issue instead of an advantage.
The price for Natural Gas has plummeted from $8.60 down to $7.40. The move was initially attributed to the OPEC report on future demand.
In May, the US Producer Price Index continued to surge, as prices increased by 0.8%, compared to 0.4% in April.
During Tuesday's trading, the price for Bitcoin was nearing the MicroStrategy selling level, as it would need to secure a $205 million Bitcoin backed loan.
This week, the European Central Bank policymaker Peter Kazimir stated that the ECB should tighten by 50 base points in September instead of 25 points.
The US Dollar index has reached above the May high level of 105.00, as the higher than expected US inflation pressures the Federal Reserve into hiking interest rates.
This week, the cryptocurrency market experienced a broad sell off, during which the total value of the market declined below one trillion US Dollar value.
During the last week, bond funds had experienced the biggest weekly outflows in four weeks.
At the start of Monday's US trading hours, US stock indices started the week with a gap down, as the previous week's sell off continued.
Market participant surveys indicated this week that the Bank of England would continue to raise interest rates this week for the fifth time in a row.
The German Bundesbank has increased from 3.6% up to 7.1% the inflation forecast for inflation in Germany in 2022.
Citibank has announced that it expects the Swiss National Bank to hike its base interest rate by 0.25% with the June 16 policy statement.
The International Monetary Fund has stated that it would further reduce its economic recovery forecasts for 2022. Meanwhile, the World Bank and OECD have already decreased global GDP expectations.
This week, major US retailers like Walmart and Target started to cut prices to get rid of the inventory in their overstocked warehouses.
The Bank of England has commented that top United Kingdom banks are no longer considered too big to fail. Namely, they would not be bailed out during a recession.
Reuters revealed this week that its sources had informed the news agency that Tesla output in China had been larger than indicated by the CEO of the company.
In May, Chinese imports of crude oil had increases. However, it has been revealed that refined oil product exports had declined over the same period.