Stocks Sink On Recession Fear, Oil Slips Before OPEC
Muhammad Irfan Published June 30, 2022 | 05:41 PM
London, (UrduPoint / Pakistan Point News - 30th Jun, 2022 ) :World stock markets mostly sank Thursday on intensifying recession fears, while oil prices receded before an OPEC output decision.
Frankfurt and Paris each tumbled 2.7 percent in early afternoon eurozone deals, and London shed 1.9 percent.
That followed a largely downbeat performance in Asia, although Shanghai rose after data showed a forecast-beating improvement in China's services sector on easing Covid restrictions.
Crude futures drifted lower as major oil producers led by Saudi Arabia and Russia were Thursday expected to keep to a decision on a limited boost to output despite the risk of high oil prices may help push the global economy into recession.
- 'Terrible mood' - Stock markets are "in a terrible mood across Europe", said AJ Bell investment director Russ Mould.
"There really is a lack of good news for investors to cling onto, and the near-term outlook looks bleak.
" The threat of an extended period of elevated inflation and painful interest rate hikes has left traders fretting over the threat of a prolonged economic downturn, while the Ukraine war continues to sow uncertainty.
"Recession continues to be the Primary concern at the moment... as countries continue to grapple with spiralling inflation and cost-of-living crises," said Mihir Kapadia, head of Sun Global Investments.
The surge in inflation to multi-decade highs has forced central banks to swiftly raise interest rates, dealing a hefty blow to equities as companies faces higher borrowing costs.
The Federal Reserve is next month expected to announce a successive 75-basis-point hike in US interest rates.
There had been hope that policymakers would ease off their hikes as economies show signs of slowing, but analysts say some officials are less concerned about a recession than letting prices run out of control.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
U.S. envoy calls on Foreign Minister Ishaq Dar
Poland arrests man over suspected plan to kill Zelensky
More Stories From Miscellaneous
-
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
4 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
5 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
5 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
8 days ago -
Radio Bahawalpur to broadcast Eid programs
10 days ago -
DC, DPO Haripur inspect bus terminals to review fares compliance
12 days ago
-
Second phase of refugees’ repatriation to start after Eidul Fitr vacations
12 days ago -
Reaping bounties as Ramazan culminates
12 days ago -
Digital transformation – a boon or bane
12 days ago -
Plants’ business: Another casualty of climate change
14 days ago -
Eid shoppers prioritize children’s joy over personal comforts
14 days ago -
Besant Hall Cultural Centre honoring Pir Hassam din Rashdi to take place on April 1
19 days ago