The International Monetary Fund warned on a disorderly reprising in markets, saying global financial stability risks have increased, raising the risks of contagion and spill overs of stress between markets.
, including persistent inflation, a slowdown in China, and on-going stresses from Russia’s invasion of Ukraine which have driven up the risk of a severe downturn to levels not seen since the onset of the COVID-19 pandemic.
“With investors aggressively pulling back from risk-taking recently as they reassess their economic and policy outlook, there is a danger of a disorderly repricing of risk. In particular, volatility and a sudden tightening in financial conditions could interact with, and be amplified by, pre-existing financial vulnerabilities,” the report stated.
The IMF also cautioned that credit spreads have widened substantially in the corporate sector, and higher rates could adversely impact housing markets. In China, the property sector downturn has already deepened, and failures of property developers could spill over into the banking sector, the IMF cautioned.
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