Stocks in Asia tanked on U.S. rate-hike fears, while European markets fell in step with crude oil prices
Asian stocks took their cues from U.S. markets, which sold off on Friday amid
Fed-induced rate-hike fears. Hong Kong's Hang Seng was the worst-performing index, shedding 3.4% -- its largest one-day percentage drop since February -- while on the mainland, the Shanghai Composite dove 1.9%.
In Japan, while life insurance shares rallied and July core machinery orders rose a sharper-than-expected 4.9% month-over-month, the island nation's Nikkei shed 1.7%. South Korea's Kospi tanked 2.3%, pressured by Samsung stock, which gave up 7% as the
Galaxy Note 7 scandal continued to weigh.
Concerns of a Fed interest rate hike are also rattling European markets, with a drop in crude oil prices taking a heavy toll on energy stocks. Drilling down, France's CAC 40 has plunged 2.1%, the German DAX is down 1.8%, and London's FTSE 100 has surrendered 1.7%. All in all, this is shaping up to be the worst day for global benchmarks since the Brexit vote in late June.
Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical levels, and top economic stories straight to your inbox.