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Markets tumble on US rate hike concerns

Monday, 12 September 2016 6:04 PM [ Last Update: Monday, 12 September 2016 6:04 PM ]

World markets fell on Monday over speculations about an imminent rate hike in September by the US Federal Reserve in what analysts said was the worst day for markets around the world since the Brexit referendum in June.

World markets largely fell on Monday over speculations about an imminent rate hike in September by the US Federal Reserve.

European stocks finished firmly in the red on Monday in what analysts said was the worst day for markets around the world since the Brexit referendum in June.

The FTSE 100 slipped 1.12 percent, the French CAC finished down 1.15 percent and the German DAX fell 1.34 percent.

Also, the pan-European STOXX 600 ended 0.95 percent lower provisionally, having erased some of its losses after US stocks posted mild gains on Monday.

Russia’s dollar-traded RTS index fell 0.68 percent, while the ruble-denominated MICEX was down 0.46 percent, Russia Today reported on its website.

Asian markets closed in the red on Monday, with China’s Shanghai Composite losing 1.85 percent, Japan’s Nikkei closing 1.73 percent down and Hong Kong’s Hang Seng plummeting 3.36 percent.

Oil was also depreciating Monday on reports US crude drillers added more rigs for the tenth consecutive week. US WTI and North Sea Brent crude were losing more than a dollar a barrel each, trading at $44.79 and $46.96.

Traders have been closely following comments by Fed officials for clues on the timing of a rate hike in the US, CBNC.com reported.

Recently, Fed speakers have sounded more hawkish. On Monday, Atlanta Fed President Dennis Lockhart delivered a speech in which he said a "serious discussion" on raising rates was warranted at the central bank's upcoming meeting. Fed Governor Lael Brainard is scheduled to speak after the European market close on Monday.

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