US default fears, rising oil prices hound global stocksThe New York Stock Exchange stands in lower Manhattan. NEW YORK, United States — Stock markets tumbled on Tuesday as traders tracked a strengthening dollar, high oil prices, the political gridlock in Germany and rising fears about a possible US debt default. Analysts attributed disproportionate declines in tech stocks to rising Treasury bond yields, as higher interest rates generally hit tech companies because of their greater reliance on debt to fund growth. China was also facing an energy crunch, with Goldman Sachs lowering its annual growth forecast for the world's second-biggest economy. The country has also been in the spotlight over concerns about the possible collapse of troubled developer Evergrande.

Source: Philippine Star September 29, 2021 00:22 UTC