Weak tech earnings cast pall on world stocks

An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange offices in London, UK. Picture: BLOOMBERG/LUKE MACGREGOR

Investors are also watching the fallout from this week's plunge in shares of India's Adani group, which continued to nosedive on Friday with market losses amounting to $115bn in the wake of a US short-seller's report. The mood turned much more cautious on Thursday, however, as US tech shares took a beating in US after-hours trading.

“We will see headwinds from further earnings downgrades, but we have incorporated quite a lot [of this] already so I think markets can hold here if we are indeed right on the Fed.” “Not least it would provide the most important evidence to date to suggest that the market's rates pricing is more appropriate than the Fed's own more hawkish signalling,” Ruskin said.

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