Global financial markets face risk of major correction: IMF

The global economy is at risk of a major setback because investors seem to ignore evidence that it has reached a turning point, the International Monetary Fund warned. The risks include a US economic slowdown and falling house prices, any further surge of oil prices, and interest rate rises to contain inflationary pressures.

Underscoring the warning, IMF Managing Director Rodrigo Rato, speaking in Vienna, called attention to the potential for a sharp slowdown in the US housing market that could hamper momentum in the world's biggest economy, with damaging effects elsewhere.

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