Global stock markets are falling sharply after May’s U.S. inflation print reignited fears that central banks will be forced into aggressive monetary policy tightening.
Friday’s highly-anticipated consumer price index report came in hotter than expected at 8.6% annually, resurfacing market concerns that action from the Federal Reserve and other central banks could risk tipping the economy into recession.
Major averages in the U.S. closed out their biggest weekly declines since January on Friday, and futures point to further losses on Wall Street when the opening bell sounds on Monday.
Shares in Asia-Pacific plunged on Monday, with Hong Kong’s Hang Seng index, Japan’s Nikkei 225 and South Korea’s Kospi all falling more than 3%. European stocks also tumbled in early trade, with the pan-European Stoxx 600 shedding 2% as a sea of red swept through global risk assets.
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