Markets gripped by anxiety over Covid-19 pandemic, Fed's tapering

The clearest alarm bell is coming from commodities most sensitive to any shifts in economic growth

Iron ore, luxury stocks and the dollar are all sending the same message across markets: investors are getting uneasy. 
 

That anxiety was on display on Thursday as global markets shuddered in the wake of concerns stretching from China’s economy, Covid and the tapering of Federal Reserve stimulus. While the pain was sharpest in commodities and cyclicals, even defensive tech stocks slumped. 

“What if the Fed can’t taper, let alone hike? This market is wedded to the narrative,” said Kit Juckes, chief foreign-exchange strategist at Societe Generale SA in London. 

While global equity markets are still teetering near all-time highs, there’s