Global Stocks Plunged- Key Reason
Global stocks plunged and the dollar strengthened for the first time in four sessions on Wednesday.
The mood was underscored by a 9% surge in British consumer prices and a faster-than-expected acceleration in inflation in Canada.
Global Stocks- British Consumer Prices
Global Stocks Plunged- Highest Annual Rate
British inflation surged to its highest annual rate since 1982 as energy bills soared, while Canadian inflation rose to 6.8% last month.
The Global Stocks Downfall largely driven by rising food and shelter prices, Statistics Canada data showed.
Global Stocks- Rising Food & Shelter Price
Global Stocks Plunged- Highest in Europe
British inflation is now the highest among major economies in Europe, but prices are rapidly rising worldwide.
forcing central banks around the globe to hike interest rates and tamp down growth by a modest decline in U.S. homebuilding.
Global Stocks- US Homebuilding
Global Stocks Plunged- Sensitive to Rates
Soaring prices and material shortages have already hit homebuilding, the sector of the economy most sensitive to rates.
Adding to the gloom caused by inflation were earnings results from Target Corp, whose quarterly profit halved.
Global Stocks- Target Corportation
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