© Reuters. FILE PHOTO: Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. REUTERS/Andrew Kelly
A look at the day ahead in U.S. and global markets from Mike Dolan.
The approaching economic ‘hurricane’ that JPMorgan (NYSE:) boss Jamie Dimon warned about in June is starting to blow hard around the world and global markets are hunkering down again.
In a stark business readout late Thursday, global delivery firm FedEx (NYSE:) withdrew the financial forecast it issued just three months ago because it said the global demand slowdown had accelerated at the end of August and was on pace to worsen in the November quarter. Missing revenue and profit forecasts too, FedEx shares dropped 16% after the bell.
The World Bank added to the macro gloom and warned late Thursday that the global economy was headed toward recession as central banks across the world simultaneously hike interest rates to combat persistent inflation.
Estimating that the world was in its sharpest relapse from a post-recession recovery since 1970, it saw little or no support from major central banks and said they may need to raise interest rates by a further 2 percentage points on top of the 2-point increase already seen over the 2021 average.
With markets bracing for another round of interest rate rises from the U.S. Federal Reserve and the Bank of England next week, stocks tumbled across the world on Friday. MSCI’s index of world…
