Shares of banks and other financial institutions slid, with nervous investors forced to again confront the specter of recession.
New signs of slowing global growth rocked all corners of financial markets. The Dow Jones Industrial Average fell to its lowest level of the year, the dollar surged, and Treasury yields jumped.
The British government Friday unveiled the country's biggest tax cuts since the early 1970s, a bold move aimed at kick-starting growth at a time of global economic turmoil but one which spooked investors and sparked the biggest one-day selloff of the pound since the pandemic roiled markets in March 2020.
Credit Suisse shares fell sharply after a media report said that the Swiss bank is considering another capital raise as it looks to move on from recent scandals and financial losses.
Credit Suisse said it is premature to comment on potential outcomes before it announces its updated strategy on Oct. 27.
Holders of an onshore bond issued by China Evergrande have agreed to extend the interest repayment date by six months as the embattled property developer struggles to meet its debt obligations.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
09-23-22 1647ET
