US stocks have seen their worst first half of a year since 1970, as concerns grow over how steps to curb inflation will affect economic growth.
In the last six months, the benchmark S&P 500 index fell 20.6 per cent, while other major US indexes also dropped sharply, the BBC reported.
Stocks in the UK, mainland Europe and Asia have also suffered steep losses.
It comes as central banks around the world are trying to rein in soaring living costs, with prices of essential goods like food and fuel jumping.
Some economists expect the US, which is the world's biggest economy, to go into a recession as early as this year as interest rates continue to rise.
"If the US Federal Reserve continues hiking rates the stock market will react quite negatively," Dan Wang, chief economist at Hang Seng Bank China.
Another major US stock index, the Dow Jones Industrial Average fell by more than 15 per cent in the first half of this year, the biggest drop for the period since 1962, the BBC reported.
At the same time the technology-focussed Nasdaq Composite lost almost 30 per cent, marking its largest ever percentage drop for the first half of a year.
Major stock market indexes outside the US have also fallen sharply this year.
The UK's FTSE 250 has dropped by more than 20 per cent, while Europe's Stoxx 600 index has slipped by almost 17 per cent and the MSCI index of Asia-Pacific markets has fallen by more than 18 per cent.
It comes as many of the world's biggest central banks take steps to slow the rising in the cost of living, including raising interest rates.
--IANS
san/ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app