The world stock heads toward their worst week since the markets’ pandemic meltdown in March 2020. This has led central banks to double down on tighter policy in an effort to tame inflation, setting investors on edge about future economic growth.
After a week of punchy moves across asset classes, world stocks (.MIWDOOOOOPUS) was down 0.2% on Friday to take weekly losses to 5.8%. This has left the index on course for the steepest weekly percentage drop in more than two years.
In the stock market, the yen was up 1.8% to 134.55 per dollar in volatile trade. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJOOOOPUS) fell to a five week low. Japan’s Nikkei (.N225) fell 1.8% and headed for a weekly drop of almost 7%.
S&P 500 futures were up 0.5% and Nasdaq 100 futures rose 1% but they are well underwater on the week.
Data from analysts at Bank of America showed more than 88% of the stock indexes it tracks are trading below their 50-day and 200-day moving average, leading markets “painfully oversold”.
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