![]() crude oil prices slid 5.7 percent to their lowest levels since early this year on worries that a weaker global economy will burn less fuel. “Financial markets are now fully absorbing the Fed’s harsh message that there will be no retreat from the inflation fight,” Douglas Porter, chief economist at BMO Capital Markets, wrote in a research report. activity is also still shrinking, though not quite as badly as in earlier months. Besides Friday’s discouraging data on European business activity, a separate report suggested U.S. But such moves also put the brakes on their economies, threatening recessions as growth slows worldwide. The Federal Reserve and other central banks around the world aggressively hiked interest rates this week in hopes of undercutting high inflation, with more big increases promised for the future. yields soaring because it could ultimately force its central bank to raise rates even more sharply. ![]() Adding to the pressure was a new plan announced in London to cut taxes, which sent U.K. Treasury yields, which affect rates on mortgages and other kinds of loans, held at multiyear highs.Įuropean stocks fell just as sharply or more after preliminary data there suggested business activity had its worst monthly contraction since the start of 2021. ![]() Energy prices closed sharply lower as traders worried about a possible recession.
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