Global stock markets have lost about $3tn in value this month, as a “witches’ brew” of gloomy Chinese economic data and surging US borrowing costs sours investor sentiment after a bumper start to the year.
Wall Street’s S&P 500 index, Europe’s Stoxx 600 and China’s CSI 300 have shed a cumulative $2.8tn — about 5 per cent of their aggregate value and more than the entire market capitalisation of London’s FTSE 100 — in the three weeks to August 21, according to Refinitiv data analysed by broker AJ Bell.
An MSCI index of global stocks is on course for its worst month since last September, despite a rebound on Tuesday.
Read the full story on the Financial Times here.