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Global stocks recorded their worst week since June as fears of a slower economic rebound and a looming reduction in US stimulus weighed heavily on sentiment.
The FTSE All-World index fell 1.8 per cent this week, during which China has toughened data privacy rules on its fast-growing technology sector and countries such as Australia and New Zealand have implemented sudden lockdown measures due to coronavirus concerns.
In response investors have turned to haven assets such as the dollar, while selling commodities. The US dollar index, which measures the greenback against other big currencies, rose 1 per cent for the week, its best in two months. Brent crude oil, the global benchmark, fell about 7.7 per cent over the week on concern that demand will be curbed.
“Some time ago the planets all started aligning — we had very strong economic momentum…