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Bosnian Serb leader rejects prosecutor summons as crisis deepens
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England considering Test skipper Stokes for white-ball captaincy
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Neymar back for Brazil after 16-month absence for World Cup qualifiers
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US trade gap hits new record in January as tariff fears loomed
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Scandinavians boycott US goods over Trump's Ukraine U-turn
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South Africa, Indonesia say US withdrawing from climate finance deal
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ECB lowers rates again but hints more cuts in doubt
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Bosnian Serb leader says he is no threat to Bosnia
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Wales unchanged for Scotland Six Nations clash
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World's sea ice cover hits record low in February
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Liverpool must be ready to 'suffer' in PSG return leg, says Van Dijk
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Lithuania quits treaty banning cluster bombs despite outrage
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Philippines' Palawan approves 50-year ban on new mining permits
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Prosecutors demand Rubiales forced kiss trial be re-run
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'We are not alone': Zelensky thanks Europe at crisis summit
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Doris delivers huge boost to Ireland for key France match
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European court rejects bid to overturn Romania vote annulment
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Pope Francis resting, stable as nears three weeks in hospital
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South Africa says US withdrawing from climate finance deal
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European rocket aims for first commercial launch after delays
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As Trump woos Russia, Kremlin shifts blame to Europe
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Ntamack, Alldritt start for France in Six Nations showdown against Ireland
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Lyon owner backs Fonseca as coach despite nine-month ban
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S. Korea fighter jets accidentally drop bombs, civilians among 15 injured
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Ukraine titanium mine hopes US deal will bring funds
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Taiwan says TSMC investment 'historic moment' for US ties
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Ntamack, Alldritt start for France in Ireland Six Nations showdown
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Bayern's Neuer sidelined after costly celebration
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DeepSeek success shows China's 'ability to innovate': official
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Thailand repatriates hundreds more Chinese scam centre workers
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Charli XCX, Raye, Olivia Rodrigo to headline Glastonbury alongside legends
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China vows to fight US trade war 'to the end'
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Hamas says Trump's 'DEAD' threat to Gaza undermines ceasefire
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EU seeks unity on Ukraine and defence boost as Trump pivots from allies
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7-Eleven owner seeks to fend off takeover with buyback, US IPO
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Zelensky urges pressure on Russia after deadly hotel strike
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New Zealand vow to 'find little ways' to beat India in final
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Rain checks spread of Japan wildfire
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Sri Lanka police seek public help to arrest chief
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Global sea ice cover hits record low in February as world continues hot streak
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Asian markets rally on US tariff reprieve, possible China stimulus
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Acquittal of Fukushima operator ex-bosses finalised
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Chinese economy faces rising international 'uncertainty', official says
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Strikes hit Lufthansa profits, Olympics dent Air France
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Pope Francis resting after 'peaceful night': Vatican
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Osaka says Indian Wells loss 'worst match in my life'
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Rohingya refugee food aid to be halved from next month: UN
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Ethiopia's ancient instrument begena healing souls
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'Erratic' cyclone creeps towards eastern Australia
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Lufthansa 2024 profits dive amid strikes, rising costs
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US stocks fall again, sending Nasdaq nearer to dreaded 'bear' market
Wall Street stocks tumbled again Friday following a plunge in Netflix shares that sent the Nasdaq further into correction territory, spurring questions of just how far the market will fall.
After a bruising session on European bourses, all three major US indices fell, led by the Nasdaq which lost 2.7 percent on Friday alone.
The tech-focused index is down about 15 percent since its November record, midway between the 10 percent loss considered a correction and nearing the 20 percent drop that qualifies as a "bear market."
"We're still pretty far from a bear market, but if we start to see signs that higher interest rates are slowing the economy, you could easily pass from a correction to a bear market," said Gregori Volokhine of Meeschaert Financial Services.
Friday's session was dominated by the spectacular fall in Netflix, which ended with a loss of more than 20 percent after it projected it would add only 2.5 million subscribers in the first quarter of 2022, a sharp slowdown compared with earlier gains in the pandemic.
Netflix results "particularly spooked" technology-focused stocks on Friday, said Ross Mayfield, analyst at Baird.
"There's a sense now that the consumer is kind of renormalizing their behavior and shifting spending to services," he said.
That feeling "set off a chain reaction of what the next year to five years of consumer spending might look like versus what we would have thought beforehand."
- Fear factor -
Stocks have been under pressure so far this year after the Federal Reserve shifted to a more restrictive monetary policy path that will include interest rate increases, with the first expected in March.
The Fed is scheduled to meet next week amid intensifying concerns about accelerating inflation that has spurred debate on how many times the central bank will raise the benchmark lending rate in 2022.
"The mood in the markets has been progressively getting worse recently as traders are preparing themselves for the prospect of the Federal Reserve hiking interest rates three or four times this year," said David Madden at Equiti Capital.
CFRA Research still expects solid US growth in 2022, but recently trimmed its forecast slightly to 4.2 percent based on an outlook that includes four rate hikes, said chief investment strategist Sam Stovall.
The S&P 500, the most broad-based of the major indices, has fallen 8.3 percent from its last record.
Based on how stocks have historically responded to monetary policy shifts, Stovall estimates the S&P 500 could fall about 15 percent.
But a drop of twice that amount is also possible, depending on whether equities end up more or less generously valued compared with history, he said.
"The question is how scared investors are likely to be?" Stovall said. "But I don't know the answer."
- Key figures around 2240 GMT -
New York - Dow: DOWN 1.3 percent at 34,265.37 (close)
New York - S&P 500: DOWN 1.9 percent at 4,397.94 (close)
New York - Nasdaq: DOWN 2.7 percent at 13,768.92 (close)
London - FTSE 100: DOWN 1.2 percent at 7,494.13 (close)
Frankfurt - DAX: DOWN 1.9 percent at 15,603.88 (close)
Paris - CAC 40: DOWN 1.8 percent at 7,068.59 (close)
EURO STOXX 50: DOWN 1.6 percent at 4,229.56 (close)
Tokyo - Nikkei 225: DOWN 0.9 percent at 27,522.26 (close)
Hong Kong - Hang Seng Index: UP 0.1 percent at 24,965.55 (close)
Shanghai - Composite: DOWN 0.9 percent at 3,522.57 (close)
Euro/dollar: UP at $1.1344 from $1.1312 late Thursday
Pound/dollar: DOWN at $1.3553 from $1.3600
Euro/pound: UP at 83.67 pence from 83.17 pence
Dollar/yen: DOWN at 113.70 yen from 114.11 yen
Brent North Sea crude: DOWN 0.6 percent at $87.89 per barrel
West Texas Intermediate: DOWN 0.5 percent at $85.14 per barrel
burs-vmt-jmb/hs
F.Pavlenko--BTB