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IMF slash global growth forecasts, gold enters correction

Citing Western sanction on Russia and ‘higher for longer inflation”, the IMF cut global growth by -0.8 percentage points for 2022.

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April 19, 2022 06:34 PM

FTSE: Stocks woes go from bad to worse as relentless sell-off continues

What a brutal year 2016 is proving to be so far for global equity markets. Stocks have been absolutely battered over the past two-and-a-bit weeks and there is still no end in sight for this relentless downward pressure. At the time of this writing, the major European stock indices were down between 2.5 and 3.0 per cent, with the UK’s FTSE taking the brunt off the sell-off due to its greater exposure to the slumping commodities. BHP and Anglo were leading the declines in London with falls of about 6-7 per cent, followed by Shell, which was down 5.5%, after reporting a sharp drop in profits due to the plunging price of oil. As well as the oil price, investors are continuing to fret over a global economic slowdown. These worries were exacerbated by the disappointing growth and industrial production figures from China and another downgrade of global economic growth forecasts yesterday by the IMF.

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