Market Turmoil: Global Stocks Falter Amid Tech and Currency Concerns

Global stock markets have seen significant drops as concerns about the costs of the AI boom drive tech selling. Currency fluctuations, particularly around the British pound and U.S. dollar, add to the economic uncertainty. Precious metals and cryptocurrencies also face declines amidst a complex financial landscape.

Global stock indices have seen repeated declines recently, fueled by tech sector volatility and currency market fluctuations. On Thursday, world stocks dropped for the fifth time in six days due to anticipated cost increases linked to the AI boom and a significant slump in the metals market.

Notably, the British pound faced pressure, compounded by political uncertainties surrounding Prime Minister Keir Starmer. An unexpected Bank of England decision to maintain interest rates with a narrow vote hinted at potential near-term rate cuts, further affecting currency values.

The European Central Bank's decision to hold euro zone rates steady provided little market direction, while Wall Street braces for challenging sessions. Key tech companies like Alphabet and Qualcomm faced steep stock declines, highlighting the sector's struggles. Precious metals, such as silver and gold, also recorded substantial losses reflecting broader economic concerns.

(With inputs from agencies.)