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Stocks: We ‘have reached peak bearishness’ amid recession and Fed fears, Citi says

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Reuters

Oil surge fans inflation fears, dampens stocks

LONDON (Reuters) -European shares fell on Tuesday and Wall Street was tipped to start weaker as surging oil prices fanned fears of further acceleration in global inflation that would keep the U.S. Federal Reserve and other central banks raising interest rates. Markets looked past signs that China’s economic pain might be abating amid easing COVID-19 curbs and focused instead on the inflation outlook. Brent crude futures dashed to two-month highs above $123 a barrel and could rise further, analysts warn, citing Europe’s decision to slash Russian oil imports, high U.S. summer demand and the easing of Chinese lockdowns at a time of tight global crude supply.

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