In this week’s recap, US markets ended higher, as US household net worth fell over $6 trillion in Q2. 69 million households are canceling vacations, driving less & cutting grocery bills, with inflation hitting homes. Internationally markets mixed this week. Europe and Latin America mostly higher. Bitcoin higher this week: Up +7.40% from $19,850.90.
Energy crisis continues around the world: European gas prices up by +35% on Monday; Japan currently imports about 94% of its energy supply; gas futures surging over +280% YTD, after Gazprom stated won’t reopen main gas pipeline to Europe.
The dollar continues to gain strength as investors look to the US currency as the last safe haven. Korean weakest point since April 2009. Euro hit a 20-yr. low on Monday. Yen at 24 year low. GBP lowest level vs. US dollar since 1985 at $1.1443 Monday.
Dutch city plans to ban meat advertisments, as farmers protest against government’s emission targets; record-breaking heat wave hit Western part US and China; Queen Elizabeth II of the United Kingdom passed away on Thursday at the age of 96; Huge asteroid twice size of Big Ben set to smash into Earth’s orbit this month; pple announced new products including iPhone 14.
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