Global stock markets head for steepest weekly fall since 2020 as recession fears rise – as it happened

Rolling coverage of the latest economic and financial news

• Latest: World stock markets facing biggest weekly drop since March 2020
• Rising interest rates increase risk of recession
• Tesco CEO: Seeing early signs of changing customer behaviour
• Britons cut back on food and travel as price rises bite
• Gatwick reduces summer capacity to prevent repeat of jubilee chaos

European stock markets are pushing higher, with the UK's FTSE 100 now up 56 points (+0.8%) at 7101 points.

But that still leaves the blue-chip indx down almost 3% this week, after heavy losses yesterday.

The sun is shining bright, the weekend is here, yet all investors can think about is medicine to calm the motion sickness after one of the most chaotic five days for stocks and shares in a long time.

Rising inflation, rising interest rates and a rising chance of a recession have all served to turn stomachs in equity-land.

This is a shock to the system for many investors who are relatively new to the game and haven't seen a proper market correction before.