Weekly Market Analysis / 4 July- 8 July 2022

Last week, global markets followed the US growth, Germany and Eurozone inflation data. The US economy contracted for the first time since the second quarter of 2020, shrinking 1.6% in the first quarter. Inflation in Germany fell to 8.2% in June as the government cut gas taxes and public transport discounts. Annual inflation in the Eurozone, on the other hand, rose to 8.6% in June, breaking a record as energy and food costs continued to rise. Oil prices fell to 107 dollars at the beginning of the week due to the expectations about possible steps to be taken to restrict Russia's oil and gas exports as part of the G7 Leaders Summit.
 
Central bank meeting minutes, PMI services and employment data will be followed in the US and Europe this week. Especially the meeting minutes will be important in terms of having an idea about the attitude of the members before the July meetings.