Angst mounts in Davos as oil falls and China slows

Economic forum: (from left) New York Times columnist Andrew R. Sorkin, Rwanda President Paul Kagame, Microsoft Corp CEO Satya Nadella, Facebook COO Sheryl Sandberg and Mahindra & Mahindra chairman and MD Anand Mahindra attend a panel session on the first day of the 46th Annual Meeting of the World Economic Forum in Davos. The theme of the meeting, which will take place from Jan 20-23, is ‘Mastering the Fourth Industrial Revolution’. – EPA

DAVOS: As the chattering chieftains of the global economy gather this week in Davos, Switzerland, they’re facing the darkest outlook since the financial crisis tipped the world into recession seven years ago.

The Chinese slowdown and accompanying slide in the yuan are imperiling already sluggish international growth, oil is trading at its lowest level in more than a decade, stocks have suffered their worst January ever, and the prospects for corporate earnings are the most pessimistic in years. The Federal Reserve is also unnerving financial markets by raising interest rates.