“Embarrassing” global economy, Dow Jones Tiarap

Jakarta, CNBC Indonesia – The sell-off on the US exchanges drove the major trading indices to their lowest point throughout the year.

“The market transition is clearly happening very quickly, due to concerns about inflation risks and the Fed’s aggression,” Quincy Krosby of LPL Financial told Reuters. CNBC International. “If you see, product debt securities have risen to unchanged levels for years. It is changing the way the market thinks, the way the Fed can stabilize prices without breaking things. “

The Dow Jones Index fell 486.27 points, or about 1.62%, to 29,590.41, the S&P 500 fell 1.72%, while the Nasdaq fell 1.8% on the closing of trading on Friday.

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The Dow Jones closed at its lowest level this year and for the first time below the 30,000 level since June 17th. In fact, the Dow Jones had time to move to the area bear market which is 19.9% ​​lower than the highest point of the trade intraday.

In the red for 5 of the 6 trading weeks, the Dow tumbled 4% for the week. The S&P and Nasdaq fell 4.65% and 5.07% respectively this week.

The stock market sell-off intensified after the Fed announced a 75bp rate hike on Wednesday and signaled that a similar hike would be announced in November.

Pressure has also emerged from abroad. The exchange rate of the British currency, the pound sterling, against the US dollar has reached its lowest level in the last 30 years. European stock exchanges closed 2% lower.

This occurred after the UK government announced a policy of massive tax cuts that raised fears of increasingly fierce inflation.

“This is all a global macroeconomic mess that the markets are trying to understand,” Krosby said.

[Gambas:Video CNBC]

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