LONDON—Stocks sank on Thursday to extend what is the worst first half of the year for global share prices on record, as investors fret that the latest show of central bank determination to tame inflation will slow economies rapidly.
Central bank chiefs from the Federal Reserve, European Central Bank, and Bank of England met in Portugal this week and voiced their renewed commitment to control inflation no matter what pain it caused.
While there was little new in the messaging, it was another warning that the era of cheap cash which had turbocharged share prices for years is coming to an end….