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German central bank chief refers to markets turmoil as 'correction'

Europe
12.10.2018
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Nusa Dua (dpa) - The head of the German central bank said Friday that recent losses on bourses in the United States, Europe and Asia are a "correction" and not a reflection of a wider systemic issue.

Speaking on the sidelines of the International Monetary Fund annual meetings in Bali, Indonesia, Jens Weidmann said that the market tumult - which comes amid concern about rising interest rates and slowing global growth - was led by drops in big technology companies.

He also said that economic growth in the US had significantly bolstered equities so far in 2018 and that a correction was unsurprising.

"All this causes me to interpret this as a correction," Weidmann said.

Weidmann‘s comments echo those of US President Donald Trump, who called it "a correction that we‘ve been waiting for for a long time."

The most substantial risk for the global economy is an exacerbation of ongoing trade wars, particularly between the United States and China, Weidmann said.

 

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