Stock markets were wrapping up their worst performances in years on Friday before heading into 2023 under recession fears following Russia's invasion of Ukraine, high inflation and rising interest rates.
European indices closed their final sessions of the year in the red while Wall Street headed towards a similar finish. FILE PHOTO
For the year, Frankfurt was down more than 12 percent and Paris lost 9.5 percent for their worst performances since 2018. London, however, was up 0.9 percent in 2022 as the energy sector was buoyed by soaring energy prices. Covid spiked once more in China in December after Beijing relaxed its strict curbs in the face of rare public outcry. That also prompted worries about the impact on stretched global supply chains.
"That's been replaced with soaring inflation and interest rates, immense economic uncertainty and the reshaping of energy markets in the aftermath of the Russian invasion of Ukraine," Erlam said.
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