Eurozone slips into recession as U.S. economy remains stable

The eurozone has entered a shallow recession, with economic output contracting for two straight quarters at a rate of 0.1%. Germany and Ireland have been hit particularly hard, with the latter's weak growth largely attributed to fluctuations caused by US tech giants and global pharma companies using the country as a tax haven. Meanwhile, the US economy continues to defy predictions of a recession, with President Biden's fiscal stimulus packages fueling business investment and spending on big-ticket items. However, there are concerns that heavy Treasury bond issuance in the second half of the year could lead to outflows from equities and into bonds.