Global equity markets suffered a bruising third quarter, shedding $11 trillion worth of global shares over three months, according to Bloomberg.
It was the market’s worst quarter since 2011. The prolonged slump was due to low prices for commodities such as oil, instability in China’s markets, and the anticipation that the U.S. Federal Reserve will soon raise interest rates.
It’s possible that markets will bounce back to close out the year. U.S. stocks rose the most they have in three weeks on Sept. 30, and European and emerging market equities also moved higher.
Still, it’s unclear whether the rally was the beginning of a trend reversal or a one-day blip on a continued decline. Analysts say Friday’s jobs report will be key in assessing whether the U.S. jobs market is robust enough to handle a potential interest rate increase by the Fed in the months ahead.
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- The Revolution of Yulia Navalnaya
- 6 Compliments That Land Every Time
- What's the Deal With the Bitcoin Halving?
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com