美聯準

Fed sparks flight to safety

Global equities tumbled on Thursday as the US Federal Reserve’s gloomy outlook caused investors to sell stocks in a widespread flight to safety.

The FTSE All World Index was down as much as 23 per cent from its May highs, falling through the 20 per cent level that signifies a bear market.

US and UK shares are not yet in bear territory but German and French equities have long been there.

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