Global equities came under renewed pressure and government bonds rallied on Thursday, after poorer than expected US inflation data and signs of a Chinese slowdown stoked fears for the world economy.
The consumer price index published on Wednesday showed an 8.3 per cent rise on an annual basis in April. That was down from 8.5 per cent in March but above the 8.1 per cent figure anticipated by economists. She added that global growth was also under pressure from declining pandemic-era fiscal support, supply chain bottlenecks and a slowdown in China driven by stringent coronavirus lockdowns. “That’s a gloomy environment for markets,” she said.
Sterling fell 0.6 per cent against the dollar, touching a two-year low as data showing that the UK economy unexpectedly shrank for the first time this year added further pressure on the nation’s currency.
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