In Asian Equity Markets stocks fell and the dollar rose on Friday, beginning the second half of the year much as the first one had ended, only this time with bonds rallying for a change as investors have shifted from worrying about inflation to fearing a global recession. MSCI’s index of Asia-Pacific shares outside Japan fell 1 percent, with the heaviest fall in Taiwan where the growth-sensitive benchmark index slid 3 percent to its lowest since late 2020. Japan’s Nikkei fell 2 percent. The Shanghai Composite and blue-chip CSI300 edged about 0.3 percent lower on Friday.

In Currency Markets worries about the risk of a global recession drove rallies in the safe haven Japanese yen and U.S. dollar on Friday while the risk-sensitive Australian dollar fell to a two-year low. The yen gained to 135.105 per dollar, pulling away from the mid-week low of 137.00, which was its weakest in 24 years. The dollar index gained 0.18 percent to 104.85. The euro sank 0.31 percent to $1.0449 and sterling lost 0.53 percent to $1.21145. The Aussie fell 1.12 percent to $0.6826, and touched $0.6822, a level not seen since June 2020. The New Zealand dollar lost 1.15 percent to $0.6175.

In US Equity Markets stocks ended lower on Thursday, crossing the finish line of a grim month and quarter, a dismal coda to the S&P 500’s worst first half in more than half a century. The Dow fell 0.82 percent, to 30,775.43, the S&P 500 lost 0.88 percent, to 3,785.38 and the Nasdaq Composite lost 1.33 percent, to 11,028.74. Walgreens Boots Alliance Inc fell 7.3 percent as its quarterly profit plunged 76 percent, hurt by its opioid settlement with Florida and a decrease in U.S. pharmacy sales on waning demand for COVID-19 vaccinations.

In Commodities Markets oil prices sank around 3 percent on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output. Brent crude futures for September delivery fell 3 percent, to settle at $109.03 per barrel. U.S. WTI crude futures fell 3.7 percent, to settle at $105.76 a barrel. Spot gold fell 0.6 percent to $1,806.39 per ounce. Spot silver fell 1.3 percent to $20.45 per ounce, platinum lost 2.8 percent to $890.79, palladium inched 1.9 percent lower to $1,925.68.

In European Equity Markets stocks on Thursday marked their worst quarter since the pandemic-led selling of early 2020, as investors became increasingly wary of a global recession given hawkish central bank actions to try to tame inflation. The continent-wide STOXX 600 index fell 1.5 percent, chalking up quarterly losses of 10.7 percent. Miners were among the biggest drags in the quarter, down more than 20 percent. Among single stocks, Uniper SE lost 14.4 percent after the German utility withdrew its outlook for the 2022 financial year due to gas supply restrictions from Gazprom.

In Bond Markets treasury yields slid for a third straight day on Thursday after soft U.S. consumer spending data and still elevated consumer prices kept concerns alive that the Federal Reserve will brake growth more than needed to curb rising inflation. The yield on 10-year Treasury notes fell 10.4 basis points to 2.989 percent as safe-haven buying at the long end pushed prices up and yields lower. The two-year U.S. Treasury yield skidded 11.4 basis points to 2.939 percent, the first time it’s been under 3 percent this week. The yield on the 30-year Treasury bond was down 7.8 basis points to 3.134 percent.