US stocks declined for the third consecutive week to end a dismal third quarter as fears of global recession increased. The S&P 500 and the Dow were both lower by 2.9% for the week. Foreign markets were also lower with the FTSE All World Ex US down 2.0% for the week. US crude increased to $79.49 to end the week, up from $78.74 the week prior. The yield on the 10-year Treasury ended the week at 3.80%, up from 3.70% the week prior.
U.S. home prices fell in July for the first time in years as higher mortgage rates are starting to weigh on prices.
Consumer prices in September in the European Union rose 10% from a year earlier, above the 9.7% projected, and up from 9.1% in August. It’s the highest inflation has been since records began in 1997.
The Bank of England said it would buy U.K. government bonds to restore order to the market after tax cuts sent borrowing costs soaring. The U.K. government said it was working to better coordinate with the Bank of England as tax cuts and energy subsidies work against efforts to control record-high inflation.
Leaks detected on two Russian natural-gas pipelines believed to be the result of sabotage sent European governments racing to safeguard their energy infrastructure.