In this article, we have covered the highlights of global market news about the G-7′s infrastructure funding plan, Russian gas pipelines, European & Asian Markets, and the decline of stock market index futures.
G-7′s infrastructure funding plan
- The Partnership for Global Infrastructure and Investment was officially inaugurated Sunday by the United States and the other G-7 countries, including Canada, Germany, and Japan.
- In the next five years, it plans to fund around $600 billion for international infrastructure projects in underdeveloped nations.
- The scope [of the G-7 project] may not yet be able to equal that of the BRI, but that remains to be seen, according to Choi Shing Kwok, CEO of the ISEAS-Yusof Ishak Institute in Singapore.
Russian gas pipelines to Europe have been completely switched off.
- An expert cautioned that the Group of 7 countries should prepare for a total closure of Russian gas pipelines shortly, noting that this might have significant economic repercussions for Europe.
- Jeffrey Schott, a senior scholar at the Peterson Institute for International Economics, says, “shutting down the pipelines is not impossible.” Russia has already significantly reduced the amount of gas coming to Germany via Ukraine.
- His remarks were made while the leaders of the seven wealthiest countries in the world gathered in Munich, Germany, for the most recent G-7 meeting.
European markets open lower as global investor confidence falls.
- On Tuesday, European equities are anticipated to start lowering as global market sentiment drops.
- American investors will carefully monitor more statistics later today, such as June consumer sentiment and April house prices, to determine the economy’s strength.
Asian markets are mixed as investors consider their economic worries.
- On Tuesday, shares in the Asia-Pacific region were divided as investors considered their worries about the economy.
- Following the end of the U.S. stock market, Trip.com announced a net loss for the first quarter of 2022 of 989 million Chinese yuan ($147.79 million).
- The leading indices in the United States dropped overnight after a significant recovery on Friday.
Stock index futures decline after Monday’s negative day.
- Following a down day, stock futures were little changed early on Tuesday as investors got ready to rebalance their portfolios with the quarter’s end rapidly approaching.
- The Dow Jones Industrial Average futures dropped 7 points or 0.02 percent. Nasdaq 100 futures down 0.14 percent, while S&P 500 futures dipped 0.09 percent.
- Minor losses on Wall Street were followed by midnight trading when a rallying rebound halted. The tech-heavy Nasdaq Composite shed 0.7 percent, the S&P 500 declined 0.3 percent, and the blue-chip Dow dropped around 60 points. Last week saw a rise in the major averages, marking their first week since May.
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