US stocks surged to close more than 2% higher, as investors covering short bets drove a rebound from an earlier sell-off
London/Sydney — World stocks rose on Friday, recovering from the previous session’s two-and-a-half-year low on an overnight rally in US stocks and hopes of more Chinese stimulus, while British government bonds rose on speculation of a U-turn on the country's fiscal plans.
US stocks, however, surged to close more than 2% higher, as investors covering short bets drove a dramatic rebound from an earlier sell-off. The aggressive tightening from the Fed is putting pressure on central banks around the globe to follow. Singapore’s central bank on Friday tightened monetary policy for the fourth time this year and warned more would be needed to tame inflation.
Global markets have been volatile as investors worry rising interest rates could push major economies into recession before they tame inflation.
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