Investors are bracing for the withdrawal of unprecedented liquidity as the developed world looks to mass vaccinations to keep the recovery on track. However, the persistent spread of coronavirus and slowing China growth raise questions about whether the global economy can absorb the shock of reduced support.
Souring investor sentiment echoed in U.S. premarket trading where China-linked stocks including Alibaba Group Holding Ltd. plunged. Luxury shares in Europe fell as China seemed to put its wealthiest on notice in favor of a “common prosperity.” Emerging-market equities plunged to this year’s low. All that meant a gauge of world stocks was poised for the worst week since February.
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