Growth headwinds drive risk off sentiment

An increase in growth concerns due to the Delta variant, geopolitical tensions in Afghanistan and China’s broadening regulatory crackdown caused a sell off in global markets. While U.S. equities emerged relatively unscathed, non-U.S. stocks experienced a notable decline, with the Stoxx 600 down -1.5% for the week and Hong Kong’s Hang Sang Index falling -5.8%. Losses for the S&P 500 (-0.6%), DJIA (-1.1%) and Nasdaq (-0.7%) were relatively muted.