Bear season beckons as global shares slip

An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGORShares slid worldwide on Tuesday as disappointing company earnings and fears about slowing global economic growth punctured the mini-rally of the last few trading days.

All major sectors fell, with utilities and commodity-linked stocks leading declines, as investors awaited May purchasing managers index data due in the morning session for clues about the slowing economy. The dollar index, which tracks its performance against a basket of major currencies, meanwhile fell 0.3% to 101.81, a one-month low.That saw the euro at $1.0727, having bounced 1.2% overnight in its best session since early March. It now faces stiff chart resistance around $1.0756.Markets had taken some comfort from US President Joe Biden's comment on Monday that he was considering easing tariffs on China, and from Beijing's ongoing promises of stimulus.

“Our second-quarter global growth forecast stands at just 0.6% annualised rate, easily the weakest quarter since the global financial crisis outside of 2020.”

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