Global stocks attempted to recover after two weeks of losses sparked by concern that continued policy tightening by the U.S. Fed and other central banks would trigger economic recession and hit companies' profits.
Markets are evaluating how much damage central banks' policy tightening cycle could inflict on the economy. While inflation is showing signs of peaking, rate-setters, from the Federal Reserve to the European Central Bank, have hammered home the message they are nowhere near done with rate hikes. Meanwhile, Morgan Stanley analysts warned the coming earnings recession could prove similar to the 2008/2009 downturn, while in 2023, “price declines for equities will be much worse than what most investors are expecting.”
Among the biggest risers in U.S. premarket trading was electric vehicle maker Tesla Inc., which surged almost 5 per cent after a Twitter users' poll appeared to suggest billionaire Elon Musk should step down as head of the social media site.
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