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Best starts to a year for the S&P 500 through 134 trading days.

00:01 - 19/07/22

Goldman Sachs chief economist Jan Hatzius: "We are cutting our probability that a US recession will start in the next 12 months" to 20% from 25%.

The US is now running twin deficits that are as severe as those experienced during the worst parts of the Global Financial Crisis.

The energy shock means Germany's current account surplus won't return to pre-COVID levels. That's now visible in data. Corollary for Euro is that fair value is down. We put that at EUR/$ 0.90. No shame in that. Flexible exchange rates are supposed to fall when bad shocks hit...

About 44% of Ukrainian refugees in Germany intend to stay in the country for several years or even forever – Bloomberg