- Concerns about China and rising global interest rates caused stocks to fall, putting MSCI's global benchmark on course for its largest weekly loss since March.
- The selloff that has spread across risk assets was furthered by the 0.9% decline in the STOXX 600 index of Europe and the lower price indication for US stock futures. Oil was on track to post its first weekly loss since June as Bitcoin fell 4%.
- Bond markets recovered in the meanwhile amid speculation that losses may have been exaggerated. The 10-Yr Treasury yield decreased by five basis points, retreating from levels that were on the verge of being the highest since 2007. German and British bonds also gained.
- Investors still have to deal with the threats of persistent inflation and rates that have risen considerably in recent weeks notwithstanding today's decline in yields. The property crisis in China and issues with the shadow banking system have further increased market angst and sparked concerns about potential spillover consequences.
- UK Retail Sales data was weaker than expected leading to Sterling weakening.
