Markets were already enduring a torrid time when the British government dropped its fiscal bomb on Friday. Earlier in the week, the US Federal Reserve had raised rates by 0.75% as expected, but there was no let-up in the hawkish tone as the Fed simultaneously cut its growth forecast and lifted its own expectations for future interest rates. Once again, the Fed is signalling that it is ready to tolerate a recession in order to combat inflation. This has been the message for a while, but markets are now repricing how far the Fed will go, and how deep any recession might be.

Stocks featured:

Deutsche Bank, Credit Suisse, Ford Motor Co., JD Sports Fashion and Unicredit

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