The global stock market experienced a significant selloff on March 3, with South Korean equities, gold and silver among the biggest losers. The selloff is affecting all sectors of the world, including those with solid underlying fundamentals or diversification options. Investors are now pricing the Federal Reserve (Fed) out of potential rate cuts due to the negative energy supply shock and rising prices as an inflation threat rather than a growth risk. Shares in Blackstone and KKR also fell, with shares in rivals KKR and Apollo all losing around 30% this year and falling 45-50% from their all-time highs. The turmoil surrounding the geopolitical turmoil has accelerated the scramble for cash and liquidity, leading to further selling.