Premarket: World stocks eye 1% weekly loss, U.S. yield curve indicates recession

World stocks were heading on Friday for a 1% loss on the week, drifting from recent two-month highs after U.S. Federal Reserve officials fired more warning shots on interest rates, while the U.S. bond yield curve priced for a recession.

Sai said the market was currently “running on fumes” and would switch focus to the real economy’s response to rising rates, such as anecdotal signs of slowdown in the U.S. labour market. Britain’s FTSE gained 0.33%, a day after finance minister Jeremy Hunt announced tax rises and spending cuts in an effort to reassure markets that the government was serious about fighting inflation.

That left them 69 basis points above 10-year yields, the largest inversion since 1981 and an indicator of impending recession.

Quick. Change the definition of “recession”, again.

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