Get all your news in one place.
100's of premium titles.
One app.
Start reading
The Guardian - AU
The Guardian - AU
Business
Martin Farrer

‘From market’s best friend to enemy’: Asian shares plunge as US Fed nails on rate rise

A woman walks past a bank's electronic board showing the Hong Kong share index in Hong Kong on Thursday.
A woman walks past a bank's electronic board showing the Hong Kong share index in Hong Kong on Thursday. Photograph: Kin Cheung/AP

Stock markets in Asia have tumbled to their lowest in nearly 15 months after America’s central bank chief confirmed widely expected plans to tackle higher inflation with an increase in interest rates this year, beginning in March.

With investors also concerned about political tensions between Russia and Ukraine, supply chain problems and rising oil prices, the prospect of sustained increases in the cost of borrowing by the world’s most powerful economy sent a spasm of anxiety through financial markets on Thursday.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.