Global Stocks Plummet Amid Central Banks' Hawkish Stance and Ongoing War

Stocks around the world fell on Friday as markets approached the end of a turbulent week marked by a global push by central banks to quell inflation. The war in the Middle East nears its seven-month mark, keeping oil prices above $100 per barrel and fanning inflation fears.

The Bank of Japan raised rates to a 31-year high of 1.25%, with two board members dissenting to the hike. The decision weakened the yen against the greenback by 0.6% to 156.88 per dollar.

Kieran Osborne, chief investment officer at Mission Wealth, stated that 'the market is coming to the realization of a higher interest-rate environment on a go-forward basis.'