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Goldman Sachs says the bear market isn’t over yet, and explains why [CNBC]
Earnings are one key factor in determining the bottom is earnings, according to Sharon Bell, senior European equity strategist at Goldman Sachs.

Alphabet, Amazon Look Ready to Join the Dow After Stock Splits [MarketWatch]
Alphabet and Amazon had been effectively ineligible to join the Dow Industrials until both implemented 20-for-one stock splits that lowered their prices to near $100 a share from over $2,000…. Prior to their splits, Amazon and Alphabet would have overwhelmed the other stocks in the Dow Industrials.

Booming Carbon-Credits Market Took Hit as Stocks Sold Off [WSJ]
The average price for carbon credits peaked in early February at $13.10, according to the energy-data firm OPIS. But in March, as inflation rose and surging energy prices dimmed global economic prospects, prices fell to an average of $8.17, OPIS data shows…. The downturn was unexpected because the carbon market hasn’t historically moved with equities, Mr. McGeeney said. When it did move, the more-speculative or lower-quality credits fell the most, just as riskier stocks typically drop more when the overall market declines.

Hedge funds assets shrink amid investors withdraws, losses [Reuters]
Amid high volatile across markets, investors redeemed $27.5 billion of hedge funds between April and June, bringing total withdraws in the first half of the year to $7.7 billion. No hedge fund category lured fresh money from investors in the second quarter.
Total assets ended the second quarter at $3.8 trillion, down roughly 5% from March, it said, also battered by the funds performance.

Eurozone Economy Seen Contracting as ECB Raises Borrowing Costs [WSJ]
S&P Global said its composite Purchasing Managers Index for the eurozone—which measures activity in both the manufacturing and services sectors—fell to 49.4 in July from 52.0 in June, reaching its lowest point in 17 months. A reading below 50.0 indicates a decline in activity.

Hedge Fund Star Andurand Sees Oil Demand Bouncing Back to Trend [Bloomberg]
Consumption growth has lagged behind its four-decade trend over the past few years because of Covid-19 lockdowns, and ought to revert back to normal levels, the hedge fund manager said on Twitter. His biggest commodities fund returned about 160% in the first half of this year…. But he adds a word of caution: the reversion to typical demand hinges on the caveat that the world can secure enough supplies, a condition that sanctions on Russia and dwindling OPEC+ capacity could derail.

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