Stocks in tailspin, dollar soars as hard landing fears mount – Reuters
- Date: 12-May-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
Stocks in tailspin, dollar soars as hard landing fears mount – Reuters
LONDON, May 12 (Reuters) - Shares sank to a 1-1/2 year low on Thursday and the dollar hit its highest in two decades, as fears grew that fast-rising inflation will drive a sharp rise in interest rates that brings the global economy to a standstill.
Those nerves and the still-escalating war in Ukraine took Europe's main markets down more than 2% in early trade and left MSCI's top index of world shares (.MIWD00000PUS) at its lowest since late 2020 and down nearly 20% for the year.
The global growth-sensitive Australian and New Zealand dollars fell about 0.8% to almost two-year lows. The Chinese yuan slid to a 19-month trough while the dollar powered to its highest level since late 2002 .