World shares extend rout as oil prices continue to drop on recession worries

JAKARTA/NEW YORK/LONDON, Dec 17 (Reuters): A rout in global equities extended on Friday night (Dec 16) and government bond markets came under fresh selling pressure as hawkish tone from central bankers and weak data stoked recession fears.

The selling spilled over into commodities markets, where oil prices dropped over $2 per barrel. Gold prices faced their biggest weekly loss in four weeks after the Federal Reserve indicated it was not done hiking rates.