Greetings,

The United States: The month-to-date decline has been the biggest since the early 1980s.

Tightening financial conditions over the past few days are equivalent to a significant rate hike.

The United Kingdom: Inflation expectations are easing.

Energy: Oil demand is highly correlated to GDP growth.

Equities: Stock futures in the US and Europe are under pressure after the Credit Suisse deal.

Global Developments: Economies with the most overvalued asset prices and those that rely relatively more on bank financing would likely suffer the greatest GDP decline during a major repricing of risk, according to Oxford Economics.

Food for Thought: EV and battery investments:

Edited by Josh Oldmixon

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