Nomura sees both the US and the euro area economies contracting 1% in 2023.

Brent for September settlement was 0.1% lower at $111.47 a barrel on the ICE Futures Europe exchange.

‘Because of the gas bottlenecks, entire industries are in danger of permanently collapsing: aluminium, glass, the chemical industry,’ said Yasmin Fahimi.

So why are investors expecting the developing world to show resilience when a US recession hits?