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Stocks extend sharp declines on concerns over global growth

Mount Equity Group Tokyo Japan > News > Markets > Stocks extend sharp declines on concerns over global growth

Stock markets dropped on Monday, extending weeks of losses, as worries about higher interest rates hurting global growth were compounded by weak economic data from China.

Europe’s regional Stoxx 600 share index, which has ended each of the past four weeks in the red, lost 1.2 per cent. China’s mainland CSI 300 gauge slid 0.8 per cent. Futures contracts tracking Wall Street’s broad S&P 500 index fell 1.5 per cent, while those tracking the technology-heavy Nasdaq 100 dropped 1.7 per cent.

Those moves came as US stock markets on Friday closed out their longest streak of weekly losses since 2011, after the Federal Reserve lifted its main interest rate by 0.5 percentage points to curb surging inflation. Rate rises last week from central banks in the UK, India and Australia also overshadowed progress reported by companies during the quarterly earnings season.

Adding to concerns over the economic implications of tighter…

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