Global stocks plunge as Inflation angst drags S&P 500 into bear market

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NEW YORK, June 14 — Global stocks and government bonds plunged again yesterday and the dollar hit two-decade highs, as red-hot US inflation fuelled worries about even more...

NEW YORK, June 14 — Global stocks and government bonds plunged again yesterday and the dollar hit two-decade highs, as red-hot US inflation fuelled worries about even more aggressive policy tightening in a big week for central banks.

“The Fed said it has got inflation under control. The Fed doesn’t have it under control, and they could have lost control,” said Ken Polcari, chief market strategist at SlateStone Wealth LLC in Florida. European shares 2.4 per cent to their lowest in more than three months, and the euro STOXX volatility index — an equivalent in Europe of the US VIX index, also known as Wall Street’s fear gauge — surged to a one-month high. The US Vix index also leapt to its highest in over a month.

Credit default swap spreads blew out to multi-year highs, while cryptocurrencies including Bitcoin and ether posted double-digit losses, as news that US crytocurrency lending company Celsius Network had frozen withdrawals spooked investors.

 

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