Global stock markets and Wall Street futures declined Tuesday amid gloom about weaker global economic growth as central banks raise interest rates to cool inflation.
Markets are sliding after the U.S. Federal Reserve raised its key lending rate last week and the European Central Bank said more rate hikes are ahead. That fueled investor fears central bankers might be willing to cause a recession to fight inflation that is at multi-decade highs.
On Wall Street, the future for the benchmark S&P 500 index was off 0.6%. That for the Dow Jones Industrial Average lost 0.4%. The Shanghai Composite Index lost 1.1% to 3,073.76 after the World Bank cut its forecast of China's economic growth this year to 2.7% from its June outlook of 4.3%. The bank cited repeated shutdowns of major cities to fight COVID-19 outbreaks.Sydney's S&P-ASX 200 fell 1.5% to 7,024.03 while India's Sensex gained 0.8% to 61,806.19. New Zealand and Southeast Asian markets retreated.
Investors were looking ahead to U.S. economic reports this week for an update on the path of inflation. It has declined from its 9.1% high in June but still stood at 7.1% in November.
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