In United States, stocks have recorded their worst first half in more than 50 years yesterday, as concerns grow over how steps to curb inflation will affect economic growth.

The S&P 500 fell 0.9 per cent on Thursday, leaving the blue-chip index down by 20.6 per cent in the first six months of 2022.

Another major US stock index, the Dow Jones Industrial Average fell by more than 15 percent in the first half of this year, the biggest drop for the period since 1962. Stocks in Europe and Asia have also suffered steep losses.

It comes as many of the world's biggest central banks take steps to slow the rising in the cost of living, including raising interest rates.

Last month, the US Federal Reserve announced its biggest rate rise in nearly 30 years as it ramped up its fight to rein in soaring consumer prices.