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

Mar 24, 2016 at 8:36 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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