Global stocks wobble as AI fears grow; retail sales in Great Britain fall in September as shoppers cut back - business live
Source: The Guardian ·
Rolling coverage of the latest economic and financial newsGood morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.A fresh wave of selling hit AI stocks around the world overnight, as investor grow increasingly anxious around the sustainability of AI-fuelled returns.As storm Austen hits these shores this morning, clouds kept darkening for…
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Rolling coverage of the latest economic and financial newsGood morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.A fresh wave of selling hit AI stocks around the world overnight, as investor grow increasingly anxious around the sustainability of AI-fuelled returns.As storm Austen hits these shores this morning, clouds kept darkening for markets yesterday, as the wobbles of recent weeks all collided at once. First, there was mounting stress around France, with the Franco-German 10yr spread (+14.8bps) seeing its biggest daily widening since the initial pandemic turmoil in March 2020.Second, AI fears continued to gather pace, with the Philly semiconductor index (-6.72%) falling to its lowest level since July, which dragged down equities more broadly. And third, the latest geopolitical fears meant oil prices kept rising as well, with Brent crude (+4.00%) hitting a 5-month high of $113.17/bbl.…In the midst of all these market pressures,…