Overseas Trading: Rate-Hike Fears Ripple Through Asia, Europe

Stocks in Asia and Europe are hurting after several Fed officials called for the central bank to raise interest rates

by Alex Eppstein

Published on Mar 24, 2016 at 8:36 AM
Updated on Jun 24, 2020 at 10:16 AM

Stocks in Asia fell in sympathy with crude oil, with losses exacerbated by growing concerns the Fed may raise interest rates sooner rather than later. China's Shanghai Composite sank 1.6%, led lower by commodity stocks, after Premier Li Keqiang said Beijing won't purposefully weaken the yuan to help exports. Elsewhere, Hong Kong's Hang Seng dropped 1.3% and South Korea's Kospi took a 0.5% hit. Meanwhile, a stronger yen weighed on Japanese exporters, pressuring the Tokyo-based Nikkei 0.6% lower.

As in Asia, European markets are getting hammered by hawkish remarks made by Fed officials on Wednesday, and lingering fears surrounding the terrorist attacks in Brussels -- with energy stocks particularly hard-hit by a stronger dollar. At last check, London's FTSE 100 is down 1.4%, the German DAX has plunged 1.3%, and France's CAC 40 is 1.9% lower.

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