world markets news in brief

World Markets Daily News – In Brief – Friday

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. SMH (AUSTRALIA)

ASX loses over $50b in value as recession fears spook markets

The Australian sharemarket is on track to post its biggest weekly loss in two years following a wipeout on Wall Street, as worries about a fragile global economy roar back to the fore.

. RTT NEWS (US)

Asian Markets Follow Global Markets Lower

Asian stock markets are trading mostly lower on Friday, following the broadly negative cues overnight from global markets, amid rising concerns of a possible recession in the foreseeable future due to aggressive policy tightening by central banks around the world

. FT (UK)

Asian stocks fall as investors weigh impact of rate cuts

S&P closes 3% down as UK and Switzerland tighten monetary policy

. CNBC (US)

European markets head for cautiously higher open to end tumultuous week

European markets are heading for a modestly higher open Friday, but are on course for a bruising week as global stocks reacted to policy tightening from major central banks.

. REUTERS (UK)

Oil lower on demand concerns, but new Iran sanctions cap downside

Oil prices edged lower on Friday as demand concerns emerged following interest rate hikes in the week, although new sanctions on Iran capped the downside.

Gold prices fall, set for biggest weekly drop in a month

Gold fell on Friday, as a higher dollar and rising U.S. Treasury yields weighed on demand for greenback-priced bullion, and put prices on track for their biggest weekly drop since mid-May.

WSJ (US)

Mortgage Rates Hit 5.78%, Highest Level Since 2008

U.S. mortgage rates reached their highest levels in more than 13 years, the latest sign of market tumult tied to the Federal Reserve’s campaign to cool inflation.