BEIJING—Global stocks fell for a third day Friday after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession.
London and Frankfurt opened lower. Shanghai, Hong Kong, and Seoul declined. Oil prices fell by more than $1 per barrel. Japanese markets were closed for a holiday.
Wall Street futures were lower following rate hikes Thursday by central banks in Britain, Switzerland, Turkey, and the Philippines. The Fed hiked its key rate on Wednesday for a fifth time this year and indicated more rises were on the way.
“Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession,” Edward Moya of Oanda said in a report….