Another grim week for investors is ending with US benchmarks at their lowest level since late 2020 as global recession fears mount.
The 0.75% hike in interest rates by the Federal Reserve triggered Thursday’s major sell-off, with the FTSE 100 index down by 3% and consumer stocks hit heavily.
Tesco boss Ken Murphy today described conditions as “incredibly challenging” amid early indications of changing customer behaviour due to inflation pressures. He reported UK underlying sales 8.1% higher than the same pre-pandemic quarter.
