Global Investors Grapple With a Major Selloff in the Tech Sector

Global oil prices, however, continued to inch higher, adding around 0.7% in overnight trading to extend their weekly gain past 5%.
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Here is your round-up of the financial news from around the world:

1. Global investors grapple with a major selloff in the tech sector and what could be a significant recalibration of growth and inflation expectations for the world's biggest economies.

2. Sterling has gained more than 2.23% against the U.S. dollar this week to 1.3021 following indications from various Bank of England rate setters that they may need to tighten policy in the face of faster inflation. Governor Mark Carney, who appeared to argue against that during the Bank's last rate setting meeting, advocated for rate increases during a speech in Portugal Wednesday.

3. Benchmark German bunds were seen opening at around 0.45% in European trading, after starting the week at 0.26%, capping the biggest 5-day move since December 2015.

4. Global oil prices, however, continued to inch higher, adding around 0.7% in overnight trading to extend their weekly gain past 5% -- the best stretch since May -- even as investors lick their wounds from the biggest first half decline for crude in at least 20 years.

5. Early indications from U.S. futures prices suggest a mixed session on Wall Street later this morning, although last night's tech-sector selloff continues to echo in markets around the world after the Nasdaq fell 90 points by the end of the session, wiping out all of the benchmark's monthly gains.

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