Wall Street stocks joined a global equities slide, with technology shares sustaining the biggest blows over concerns that rising inflation will prompt central banks to tighten monetary policy. Concerns have flared that sustained high inflation could force the Federal Reserve to reduce its $120 billion (€98 billion) of monthly bond purchases that have boosted financial assets since last March. The most richly valued stocks, such as those of big US tech groups, are viewed as the most vulnerable to a correction. Europe’s Stoxx 600 index dropped 2.4 per cent with its tech sub-index down 3.3 per cent. “The economic picture is robust, which is translating into huge bumper earnings growth for companies.” – Copyright The Financial Times Limited 2021

Source: The Irish Times May 11, 2021 08:59 UTC