Just a few months ago, financial markets were in the midst of one of the wildest anything-goes phases in history. Today, the mood is very different.
Despite a powerful rebound in the last days of January, the MSCI World benchmark of global stocks fell by more than 6 per cent last month, making this the worst start to a year since 2008. That is a loss of value of roughly $6tn.
US technology shares that dominated the post-financial crisis rally this week extended their fall in 2022 to almost 10 per cent, after Facebook shocked investors with poor results.
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