Global stocks slump on recession fears

  • 📰 ewnupdates
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 53%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Global markets took a beating Thursday after Wall Street suffered one of its worst batterings in two years over recession fears after decades-high inflation.

LONDON - Global markets took a beating on Thursday after Wall Street suffered one of its worst batterings in two years over recession fears after decades-high inflation.

"Inflation is catching up and profit margins are taking a hit. Soon enough though, those higher costs will continue to be passed on and consumers will stop dipping into savings and start being more careful with their spending," said Craig Erlam, senior market analyst at OANDA.The Nasdaq and Dow fell around 1% in early trade while European markets were down around 2% in afternoon deals after leading Asian indices closed in the red.

Tencent shares plunged more than 8% in early trading before paring losses slightly, a day after it posted its slowest revenue gain since going public in 2004."Sentiment... is highly negative as traders and investors are largely concerned about an economic downturn and soaring inflation," said AvaTrade analyst Naeem Aslam.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines