Market watch

Bumpy start to Rabbit Year as markets begin pricing in recession, earnings downgrades

Wall Street hit severe turbulence last week, spooked by fears that falling consumer spending could worsen an economic slowdown. PHOTO: AFP
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SINGAPORE – As expected, a holiday-shortened trading week on Wall Street saw low volume and turbulent sessions across most global markets.

Weighing down the market were softening consumer spending numbers, potential earnings downgrades and the looming United States Federal Reserve rate-setting meeting on Feb 1. Fears of a real and imminent recession are starting to weigh on investor sentiment.

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