The World Bank added to the macro gloom and warned late Thursday that the global economy was headed toward recession as central banks across the world simultaneously hike interest rates to combat persistent inflation.
With markets bracing for another round of interest rate rises from the U.S. Federal Reserve and the Bank of England next week, stocks tumbled across the world on Friday. MSCI’s index of world stocks was on the verge of its lowest for two months and set for its worst full week since June. Asia and European bourses tumbled and U.S. stock futures were in the red.
With world currency markets getting increasingly restive as a result, the dollar zoomed higher again over the past 24 hours — topping 7.0 Chinese yuan for the first time in more than two years and hit its highest level against the British pound since 1985.Article content
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