A global recession could be coming - at least that's what commodity prices seem to say

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Happy Friday eve to the smartest corner of the internet. Phil Rosen here, writing to you from New York City. 

This week I've seen commentators draw comparisons between the current boom in artificial intelligence stocks and that of meme stocks two years ago. 

Oil and copper prices are weakening despite China's reopening. It's a sign a global recession is coming but liquidity issues may also be at play, economists warn.

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Copper
A worker ties copper wire rods before loading them onto a truck at the workshop of a company on January 29, 2023 in Huai'an, Jiangsu Province of China.

(Photo by Yin Chao/VCG via Getty Images)

Oil prices rise as the outlook for China's demand brightens and after Turkey's earthquake ignites supply concerns

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oil rig

Jason Kozlowski / EyeEm

US stocks slip as investors brace for Fed Chair Jerome Powell's speech

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Powell
Jerome Powell.

Reuters/Joshua Roberts

The Iranian armada of 'ghost' ships carrying Russian oil is growing, evading the intensifying Western sanctions on Moscow crude

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Oil Gas Tankers
Oil and gas tankers are anchored off the Marseille harbour, southeastern France, October 27, 2010.

REUTERS/Jean-Paul Pelissier

Russia's oil and gas revenue crashed by nearly 50% at the start of 2023, leading to a wider budget deficit as Moscow's spending soars

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Russian Prime Minister Vladimir Putin and CEO of Russian natural gas giant Gazprom Alexei Miller attend a ceremony to mark the launch of the Sakhalin-Khabarovsk-Vladivostok natural gas pipeline, September 8, 2011 in Vladivostok, Russia.
Vladimir Putin

Sasha Mordovets/Getty Images

OPEC+ may need to lift its oil output given signs China's reopening could deliver a strong boost to demand, IEA chief says

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People wait to cross a busy street intersection during evening rush hour on May 30, 2022 in Beijing, China.
Chinese demand for oil is showing signs of a strong recovery.

Kevin Frayer/Getty Images

Goldman Sachs' commodities team reportedly raked in $3 billion in 2022, with wild swings fueling one of its best years ever

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Goldman Sachs

AP

Cheeseburgers and steaks could be about to get a lot more expensive after US beef cow numbers slumped

Tech Insider : Economy
Burger
Burger and steak prices could soar this year after the US cow population fell 3%.

Mina Abodahab/500px/Getty Images

Lumber soars 13% as the housing market shows signs of a rebound for the first time in a year

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Real estate agents work an open house
Real estate agents work an open house in West Hempstead, New York.

Raychel Brightman/Newsday RM via Getty Images

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