U.S. financial markets shuddered this week as investors dumped stocks and fled to less risky assets, such as bonds and gold. Economists blamed the rout on a number of factors, from accelerating trade-war tensions to rising interest rates. Yet experts noted that October is known for market volatility: during this month between 1950 and 2017, there were 362 instances of the S&P 500 Index moving higher or lower by at least 1 %.
Argentina’s central bank hiked its benchmark interest rate to a world-record 60% after the peso plummeted against the U.S. dollar this week. The peso’s plunge further exacerbated the country’s precarious economic situation and investor concern over the nation’s ability to pay its debts.