With Thursday's drop, US and European stocks are set for their worst quarterly performance since the first quarter of 2020, when the outbreak of the Covid-19 pandemic briefly sent the global economy into a tailspin.
"There's going to be some money coming out of equities, into fixed income, especially because equities have had quite a spectacular rebound in the last few weeks," said Guillaume Paillat, multi-asset portfolio manager at Aviva Investors. Global stocks had rallied earlier in the week as investors saw signs of progress in peace talks between Ukraine and Russia.
Surging price pressures in many major economies have sealed expectations that central banks will raise interest rates and borrowing costs. This has in turn stoked concerns in countries including the United States that aggressive policy tightening will tip the economy into a recession.
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