- India restrict Pakistan to 105-8 in Women's T20 World Cup
- England target repeat of Pakistan Test whitewash
- Penrith Panthers win fourth straight NRL title after downing Storm
- Weary Sinner happy for day off after battling into Shanghai last 16
- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Two elephants die in flash flooding in northern Thailand
- Sabalenka targets world number one and Wuhan hat-trick
- Tunisia votes with Saied set for re-election
- Bagnaia sets 'example' with Japan MotoGP win to cut gap on Martin
- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
- Austrian rapper channels anti-racist rage in Romani hip-hop songs
- Ohtani magic powers Dodgers over Padres in MLB playoff thriller
- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Monaco take top spot in Ligue 1 with win at Rennes
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
Stock market selloffs accelerate; pound takes fresh tumble
Asian and European stocks tanked Friday, accelerating a global selloff on fears over the impact of interest rate hikes that seek to tackle sky-high inflation.
The pound hit a two-year low at $1.2276, one day after the Bank of England (BoE) lifted UK borrowing costs to a 13-year peak and highlighted recession risks.
The euro jumped to 85.77 pence, which was last seen late last year.
Oil prices rebounded after key producers led by Saudi Arabia and Russia refused to lift output more than their planned marginal increase as they weighed tight supply concerns caused by Moscow's invasion of Ukraine.
- 'Sinking feeling' -
"A sinking feeling has taken over financial markets at the end of a volatile week," said Hargreaves Lansdown analyst Susannah Streeter.
"Investors are digesting the unpalatable implications of inflation and fretting that there will be a need for a bigger dose of the bitter medicine being administered to try and bring it under control."
Asian equities tumbled after steep Wall Street losses Thursday, as traders contemplated a period of fierce monetary tightening by the US Federal Reserve.
The Fed on Wednesday lifted borrowing costs 50 basis points -- the most since 2000 -- and signalled more increases as inflation sits at the highest levels in decades.
Rate tightening increases borrowing costs for consumers and businesses, harming economic recovery from the pandemic.
- 'Porcelain doll' -
In the United States, the Nasdaq shares index -- which is dominated by tech firms particularly sensitive to higher interest rates -- plunged five percent Thursday, while the broader Dow and S&P 500 each slumped by more than three percent.
That selloff filtered through to Asia, where Hong Kong tanked 3.8 percent Friday as tech firms took a hit.
"Concern about inflation is the culprit and the wild swings we've seen this week are a reminder that sentiment is about as fragile as a porcelain doll," noted AJ Bell investment director Russ Mould.
"The other fear is that the cure for inflation, higher rates, could be as bad as the disease if they choke off growth and even lead to recession."
Markets have also been battered this year by economic fallout from the raging Ukraine conflict.
Adding to the angst is weakness in China's economy caused by strict lockdowns and other containment measures as officials struggle to bring a virus flare-up under control by sticking to a zero-Covid policy.
In foreign exchange, the pound remains plagued by the BoE's forecast that UK inflation would top 10 percent and the economy contract later this year.
- Key figures at around 1050 GMT -
London - FTSE 100: DOWN 0.8 percent at 7,447.38 points
Frankfurt - DAX: DOWN 1.0 percent at 13,765.05
Paris - CAC 40: DOWN 1.1 percent at 6,296.04
EURO STOXX 50: DOWN 1.1 percent at 3,655.75
Hong Kong - Hang Seng Index: DOWN 3.8 percent at 20,001.96 (close)
Shanghai - Composite: DOWN 2.2 percent at 3,001.56 (close)
Tokyo - Nikkei 225: UP 0.7 percent at 27,003.56 (close)
New York - Dow: DOWN 3.1 percent at 32,997.97 (close)
Brent North Sea crude: UP 2.0 percent at $113.12 per barrel
West Texas Intermediate: UP 1.9 percent at $110.34 per barrel
Euro/dollar: UP at $1.0558 from $1.0542 on Thursday
Pound/dollar: DOWN at $1.2335 from $1.2362
Euro/pound: UP at 85.60 pence from 85.28 pence
Dollar/yen: UP at 130.44 yen from 130.20 yen
burs-rfj/bcp/rl
C.Amaral--PC