THE TELEGRAPH: Capitulation fever has swept global markets on triple fears of faltering recovery in the US, Chinese credit curbs and Europe's intractable escalating debt crisis.
"It is the perfect storm," said Andrew Roberts, credit strategist at RBS. "People have been too complacent about risky assets. This is a global deflation scare and people need to get ready for falls in US and European bond yields to 2pc."
The global stock market sell-off continued for a third day on Friday in Europe and Asia. London's FTSE 100 slid 0.6pc, Germany's DAX lost 1pc, France's skidded CAC 0.8pc and Japan's Nikkei plunged 2.5pc as world equities head for the biggest monthly fall since October 2008.
Wall Street shares plunged 3pc on Thursday after new jobless claims in the US rose to 471,000 last week, the biggest jump in three months. The S&P 500 index of shares fell to 1080, triggering automatic stop-loss sales as it crashed through support on its 200-day moving average. Read on and comment >>> Ambrose Evans-Pritchard, International Business Editor | Friday, May 21, 2010
