Also oil has dropped from $71 on Weds to $59 now suggesting the markets are expecting a bit of a global downturn. It hasn't been that low since the covid days.
That's more due to OPEC deciding to allow higher production quotas. Though you could argue that's because they expect a global downturn though it's not an independent view just the view of those countries.
OPEC allows higher production quotas because they think the price will go down and they need to keep revenue constant-ish so their governments dont collapse.