Shares, bonds, commodities such as oil, even gold and its supposed digital rival Bitcoin: all dropped in unison on Friday as fears of a global recession, not to mention Vladimir Putin’s escalation of the war in Ukraine, unnerved investors everywhere.
Global stocks have sold off for a second straight week, weighed down by concerns over higher interest rates and the health of the economy, while oil prices declined to levels last traded before Russia’s invasion of Ukraine. The FTSE All-World index of global stocks fell 2.1 per cent on Friday, bringing its loss over the week to 5 per cent, the worst since June. Wall Street’s benchmark S&P 500 stock index finished the week down 4.6 per cent, while the tech-dominated Nasdaq Composite shed 4.16 per cent. Europe’s Stoxx 600 registered a daily loss of 2.3 per cent on Friday to officially enter “bear market” territory — typically defined as having declined 20 per cent or more from a recent peak.
The stock market is seeing a sea of read as losses accumulate for the week. Pizza and fiber optic stocks show strength.