- Asian stocks fell, after another loss on Wall Street, as the prospect of increased interest rates and upheaval in Europe fuelled fears of a worldwide recession.
- Shares in Japan, Australia, and South Korea plummeted as the S&P 500 sank more than 2% to its lowest level since November 2020. The MSCI Asia-pacific equities index was on track for its seventh consecutive weekly loss, the longest such sequence since September 2015.
- Chinese stocks gave up early gains ahead of a week-long holiday, despite a slight rise in factory activity. US government yields were barely altered after being whipsawed for days on the back of the UK's debt crisis.
- The CBOE volatility index has been well above 30 for almost the entire week, showing increased concern among equities investors. Another batch of Fed members sounded hawkish, German inflation surpassed 10%, and the UK government's tax plan weighed on the market mood.
