WEEKLY BUSINESS ROUNDUP
Global Business Week: Visualizing currencies devaluation against USD
The state of Financial markets & Economies, Weekly Charts, Business Trends & Statistics
Renewed fears of an economic recession in the U.S put further pressure on the equities as S&P 500 ended the week 2.1% lower on Friday. Aggressive rate hikes by three major central banks of the world was a testament to the continued monetary tightening we are seeing around the globe. Trading was especially volatile on Friday with $2.6T worth of options expiring as part of triple witching day. It was a third consecutive losing session of the U.S indices following the Fed decision.
Despite gains on Monday and Tuesday, it was a losing week for the markets, with the S&P 500 and Nasdaq dropping more than 2%, and the Dow slipping 1.7%. Tech stocks were among the biggest losers as increased borrowing costs make them less attractive. More insights on inflation will arrive next week, with the Personal Consumption Expenditures (PCE) Price Index for November. The yield on the 10-year Treasury note was higher. Talk of recession raised concerns about oil demand, driving crude futures and shares of fossil fuel companies lower.
