* Global manufacturing activity continues to contract modestly in june
* American preparation boundaries on Chinese companies’ access to US cloud computing services
* China export controls on metals used in semiconductors is “just the start”
*Rate increases are not fully controlling inflation, at least not yet
* Oil price stall despite extended OPEC production cuts
* Eurozone economy ‘comes to a standstill’ in June: PMI survey data
* China’s economic growth relieved at slowest pace since January via PMI survey data
* Drop in US manufacturing deepens in June via the ISM manufacturing index:
The riskiest tranche of US corporate bonds has outperformed its safer counterparts this year. “That dash for garbage makes sense,” reports The Wall Street Journal. “The big macroeconomic surprise of this year: the US economy has been strong even though inflation has moderated. 
Weaker borrowers took advantage because the most widely predicted recession in history simply refused to happen. Creditworthy people haven’t gained much because the Federal Reserve will keep rates higher for longer. In investment management jargon, credit risk has done well, while interest rate risk has done poorly.
