Stock markets fell the most in two months on Thursday as a global sell-off was made worse by a host of quarterly profit declines across the key banking and construction sectors.
The gloom lifted late in the day when the US reported surprisingly strong 3.5 per cent growth in the third quarter, the first positive quarter in more than a year. But many economists still doubted the resilience of recent gains in global asset prices as stimulus spending subsides.
“What bothers me is that global markets are quite heavily overextended, and if there is a correction the spillover could affect this region,” said Fahd Iqbal, the vice president of research at EFG-Hermes.
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