- Global stocks fell to a two-year low, while US index futures struggled to find direction, amid fears that global central banks' hawkish policies will spark a recession and earnings contraction.
- Oil prices rose on reports that the Opec+ alliance may opt for a production cut. Credit Suisse Group AG's shares fell to a record low in European trading as traders continued to speculate about the company's future.
- Global markets are still concerned about the potential economic impact of monetary tightening after central banks, including the Federal Reserve, reaffirmed their commitment to containing runaway inflation. After the Federal Reserve delivered a third jumbo hike last month, US stocks ended the previous quarter with a third straight quarter of losses for the first time since 2009. Traders are now waiting for jobs data later this week to determine the direction of the economy and Fed policy.
- Inflation fears were exacerbated by a renewed rise in oil prices, with WTI oil trading above $83 per barrel on reports that the OPEC+ alliance was considering cutting production by more than 1 million barrels per day when it met this week.
- Stocks in Europe fell as the region's energy crisis threatened to worsen. The pound and UK government bonds initially rose after UK Chancellor Kwasi Kwarteng withdrew a proposal to abolish the top tax rate of 45%, before ceding some of those gains.
