Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team for further information. 

Stagflation fears

Today's news headlines:

‘Hiring crunch prompts UK companies to rethink expansion plans’. With the growth outlook looking a lot more uncertain, UK worker sentiment appears to be turning more cautious in regard to applying to new roles. A recent report by KPMG and the Recruitment and Employment Confederation noted that job vacancies slowed in May as companies struggled to plug the talent gap, with a serious rethink of strategy starting to emerge. Starting salaries remain at record highs, but employers are still struggling to find the talent necessary to pursue growth opportunities as job placements slow. (Bloomberg)

‘Global bonds drop to 2022 low, wiping out $7.8 trillion of value’. Global bonds have continued their sell-off this year, reaching year-to-date lows, equating to a market value loss of $7.8tn. Investment-grade Government and Corporate bonds have hit double-digit losses of 13% this year, which is on course to be the largest full-year drop for the assets since 1991. This has stemmed from renewed stagflation fears as inflation shows little sign of slowing, and growth forecasts across the globe are revised lower. (Bloomberg)


Asian stocks were mixed overnight, with Chinese tech shares paring losses as hopes of a regulatory scale back from Beijing build. Sovereign yields in the US and Europe have ticked higher following the hawkish tilt from the European Central bank yesterday. Oil prices have stabilised today, with Brent trading around $122 per barrel.


Japanese Producer Price Index y/y (May): 9.1% (est. 10%)
US Consumer Price Index and Core CPI m/m (May): 1:30PM
Canadian Employment Change: 1:30PM
Canadian Unemployment Rate: 1:30PM
European Central Bank President Christine Lagarde speaks: 1:30PM
US preliminary UoM Consumer Sentiment: 3:00PM

Interbank rates:
GBP/USD – 1.2488
GBP/EUR – 1.1741
EUR/USD – 1.0636
USD/CAD – 1.2701

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.