Global equities suffered their biggest declines in more than a year as heavy losses in Netflix shares accentuated a sell-off in tech stocks that spilled into other sectors.
Investors have raced out of speculative corners of the market as the Federal Reserve moves to tighten financial conditions. Share declines have been particularly extreme in the US, where many of last year’s high-flying tech companies are listed.
The tech-heavy Nasdaq Composite index fell 7.6 per cent this week, its biggest slide since the coronavirus pandemic rocked US financial markets in March 2020.
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