Global stock markets mostly closed in red on Monday (May 17), with United States (US) stocks losing ground. Investors once again ditched growth stocks, particularly tech ones, on worries that an increase in inflation would erode the value of their future earnings. This narrative that a rise in prices this year would spur unwanted inflation also fuelled bets of potential tapering of the Federal Reserve’s bond-buying before year’s end, spooking investors away from equities.
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