Daily summary: Spectre of global recession halts stock market rebound

• European indices finished around the flatline on Friday, with DAX 0.1% higher after seeing its sharpest first-half decline since 2008 the previous session. 
• Inflation in the Euro Area jumped to a fresh record of 8.6% in June, while PMI data showed that factory activity slowed in major European economies to the lowest level since 2020.
• ECB started to buy bonds from countries including Italy, Spain, Portugal and Greece with some of the proceeds it receives from maturing German, French and Dutch debt in a bid to cap widening yield spreads, Reuters reported. 
• US indices continue to move south, however the scale of declines is smaller compared to previous sessions. Dow Jones trades 0.30% lower, while S&P500 and Nasdaq dropped 0.35% and 0.50% respectively. 
• US Treasury 10-year note briefly plunged to 5 week low at 2.8%, as demand for safe-haven assets increased amid persistent fears that weak economic data coupled with the Fed's aggressive tightening to tame surging inflation will lead the US economy into a recession.
• The ISM Manufacturing PMI from the US plunged to 53 in June of 2022 from 56.1 in May pointed to the slowest growth in factory activity since June of 2020.
• Oil prices resumed upward movement and both WTI and Brent trade approximately 2.0% higher as preliminary OPEC production data showed that production fell by around 100k. barrels per day compared to May, to the level of 28.52 million barrels per day. 
• Gold briefly fell below $1800 amid a stronger dollar, while silver plunged below psychological support  at $20.00.
• AUD and JPY are the best performing major currencies while AUD and GBP lag the most;  
• Cryptocurrencies prices rose slightly on rumors that the Japanese regulator may allow trust banks to manage cryptocurrencies. Bitcoin is trading below $19,400, while Ethereum failed to stay above $1100 level.

Gold took a steep dive during today's session. The bullion price even fell below the May 15 lows, however sellers failed to uphold momentum and price quickly rebounded. Currently, the key resistance is located at $ 1,809 level, which is marked with the upper limit of the local 1:1 structure. If buyers do not manage to push the price above this mark, then another downward impulse towards May lows at $ 1787 may be launched. Source: xStation5