Stock markets across Asia and Europe fell sharply this morning after the CEOs of Goldman Sachs and Morgan Stanley both said they expect a major correction in the stock markets. They were joined by the chair of UBS, who warned about looming systemic risk in the private credit market. At the same time, two members of the Fed said they were undecided about whether they would deliver another interest rate cut in December.
This morning, investors appear to be taking the news to heart. The STOXX Europe 600 fell 1.41% in early trading. The U.K.’s FTSE 100 was down 1.11% before lunch, and Japan’s Nikkei 225 gave up 1.74%. South Korea got hit the worst: The KOSPI was down 2.37%.
