Outside the New York Stock Exchange. Photo: Jonathan Alpeyrie/Bloomberg
Economic risks continue to dog global markets, sending oil further below $100. Ground zero for much of the growth worry is Europe, where Russian gas is flowing again but at reduced capacity amid ongoing risks of a shut off that could damage the euro-area outlook. Meanwhile, a powerful rally in the Treasuries market Thursday also highlighted fears of a recession as monetary policy tightens. Disappointing earnings from Snap Inc. on slowing advertising have also dented some of the optimism from a stock rally this week that pared this year's rout in global shares to 18%. At least one fund manager is looking to Asia for solace: US-based GQG Partners LLC has more than $7 billion invested in India, betting its best positioned among emerging nations to withstand a global recession.