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Stocks tumble globally on raft of economic, political worries

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MSCI's global index of stocks hit its lowest level in almost two years on Tuesday while oil prices sank on fears about the potential for a global recession as central banks rapidly increase interest rates in an effort to tame inflation.

was down 1.00%. Earlier in the session, the MSCI index had fallen 1.5% to 549.19, its lowest level since Oct. 30, 2020.were down 2.25% after hitting their lowest level since April 2020 and are on track for a near-30% tumble year-to-date, its biggest annual decline since the 2008 global financial crisis.

Also impacting the global market was the Bank of England's latest efforts to shore up the battered bond market.A trader works on the floor of the New York Stock Exchange in New York City, U.S., October 11, 2022. REUTERS/Brendan McDermidCiting a "material risk" to financial stability, the BoE said it would buy up to 5 billion pounds of index-linked debt per day from Tuesday until the end of the week.

The U.S. dollar edged higher in choppy trading, adding to recent gains ahead of a key inflation report later this week that is expected to show persistently strong price pressures.

 

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