Volatility spikes amid rising uncertainty
Volatility from extreme expectations of rate hikes continues. Markets are also facing the prospects of more headwinds to global growth amid new Covid outbreaks in China.
On Monday, markets are sent tumbling with the panic selling the greatest in China, with Shanghai stocks falling 5% and the Shenzen Composite Index dropping 6%.
The CBOE Volatility Index, also referred to as the "fear index" surged to more than 29, a level last seen close to the March lows for major stock indices.
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