- Concerned that the determination of central banks to maintain their war against inflation could send the economy into a recession, U.S. equity-index futures fell along with European stocks.
- Contracts for the S&P 500 and the Nasdaq 100 both decreased by at least 0.8% on Thursday after the underlying indices experienced their biggest losses since November 2nd Stoxx 600 in Europe dropped to a five-week low. Treasuries fell across the curve as the dollar fluctuated. A weekly gain was reduced by oil. After reporting better-than-expected earnings, Adobe increased in premarket New York trading.
- As the Federal Reserve and the European Central Bank indicated rates will rise for longer until inflation returned to its targets, a global stock index was heading for a weekly decline. That confounded market predictions for a lower peak rate and possible rate cuts in 2023, but it also cast doubt on the prospects for growth. Recession is now predicted to occur in the US 60% of the time and in Europe 80% of the time by economists. The regions' 12-month earnings projections have been lowered by equity analysts to their lowest levels since March and July, respectively.
