LONDON — European stocks extended losses on Friday amid a global downturn, as weak U.S. economic data sparked fears of a recession.Bank of England cutting interest rates
BOE Governor Andrew Bailey told CNBC that the direction for interest rates was"pretty clear," but he would not comment on the extent or timing of further cuts and said services inflation and wage data would be watched closely. Market pricing suggests expectations for a rate hold in September, followed by another rate trim in November.tumbled on Thursday, as jitters grew around the state of the economy.
Cedric Chehab, global head of country risk at BMI, told CNBC's"Street Signs Asia" that a U.S.-led sell-off started a week and a half ago but escalated in the middle of this week. That was due to factors including the hawkish Bank of Japan imploding the popular yen carry trade in the short term, weak U.S. data and volatility in earnings.