Fear stalked the global financial markets last week. China’s stock market endured its biggest one-day fall since 2007. Emerging market currencies slumped across the world. Commodity prices fell back to levels not seen since the last millennium. Germany’s DAX index fell to more than 20 per cent below its peak. The S&P index lost $1.7 trillion.
The markets recovered some poise later in the week, regaining ground and smoothing sentiment. But the...
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