Let’s have a look at today’s finance. The CSX Index is currently at 495.40 Points down 4.04 points or 0.81%
The Daily Exchange Rate: 4,065 KHR to the USD$
Now a look what else is happing in finance around the world.
U.S. ECONOMY HAS 40% CHANCE OF BEING IN RECESSION NEXT YEAR, BANK OF AMERICA SAYS
BofA Securities economists see roughly a 40% chance of a U.S. recession next year, with inflation remaining persistently high.
They expect U.S. Gross Domestic Product growth to slow to almost zero by the second half of next year "as the lagged impact of tighter financial conditions cools the economy," while they see just a "modest" rebound in growth in 2024, according to a research report Friday.
They now expect global economic growth of 3.2%. They said they had forecast 4.3% global growth going into 2022.
They see further risks to 2022 growth if strict lockdowns continue in China, and to 2023 growth if the U.S. economy slips into recession.
The spike in energy prices amid the Russia-Ukraine war "has already sent inflation soaring across the world, which in turn has forced central banks into a more hawkish stance," the economists wrote.
The Dow Jones Industrial Average (.DJI) fell 38.29 points, or 0.13%, to 29,888.78, the S&P 500 (.SPX) gained 8.07 points, or 0.22%, at 3,674.84 and the Nasdaq Composite (.IXIC) added 152.25 points, or 1.43%, at 10,798.35.
For the week, the Dow lost 4.79%, its biggest weekly percentage drop since October, 2020, the S&P 500 lost 5.79% and the Nasdaq slid 4.78%.
CRYPTO INDUSTRY GRIPPED BY ANXIETY AS BITCOIN WOBBLES NEAR KEY $20,000 LEVEL
Bitcoin which has lost 57% so far this year and 37% this month, fell below $20,000 over the weekend for the first time since December 2020. The level is of symbolic significance, as it was roughly the peak of the 2017 cycle.
The price fall follows difficulties at several major industry players, while further declines could have a knock on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses.
Bitcoin was trading either side of $20,000 on Monday, while no.2 token ether was at $1,075, having dipped below its own symbolic level of $1,000 over the weekend.
Tether, the world's largest stablecoin has seen its market cap fall to around $68 billion on Monday, from over $83, billion in early May.