The S&P 500 stares down the barrel its worst first half since 1970 while a host of other assets trade at multi-decade lows, but energy outperforms amid the turbulence with WTI on track for its longest quarterly win streak ever. The world’s top central bankers walk the inflation tightrope at the ECB's Sintra summit, with Fed Chair Jerome Powell admitting aggressive tightening could spark a recession. Over in Asia, the end of strict Covid curbs boosts the Chinese economy with factory activity expanding for the first time in 3 months while the service sector rebounds at its fastest pace in more than a year. Three Arrows Capital becomes the latest casualty of the crypto winter. Liquidators move in after the hedge fund defaults on a loan tied to big bets on digital currencies.

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