Rampant dollar enjoying its best quarter since late 2016 as investors scramble for liquidity
London — Stocks sank on Thursday to extend what is the worst first half of the year for global share prices on record, as investors fret that the latest show of central bank determination to tame inflation will slow economies rapidly.
By 7.40am GMT, the MSCI World Equity Index was down 0.48%, bringing its year-to-date losses to more than 20% — the worst fall since the index’s creation. “Fed chair Jerome Powell and the FOMC [Federal Open Market Committee] don’t want to get this one wrong. They want to be 90% sure that inflation is on the way down, not evenly balanced,” said Steve Englander, Standard Chartered’s head of global G10 FX research.
Sweden’s Riksbank became the latest to lift borrowing costs, pushing its key rate to 0.75% from 0.25% as expected, and flagging further sharp tightening to try to get price growth under control.MSCI’s broadest index of Asia-Pacific shares outside Japan eased another 0.5%, bringing its losses for the quarter to 10%.
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