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US Fed rate hike: Reactions and analysis as they happened

US Fed rate hike: Reactions and analysis as they happened
File photo of a person looking at an electronic stock board showing Shanghai, Japan's Nikkei 225 and New York Dow indexes at a securities firm in October 2022, in Tokyo. (Photo: AP/Eugene Hoshiko)

SINGAPORE: Asian and European markets sank on Thursday (Nov 3) after the US Fed hiked interest rates and Chair Jerome Powell suggested that the rates could go higher than expected. 

The 0.75 percentage point hike on Wednesday was the fourth straight increase of that magnitude and the sixth overall this year.

Hong Kong led the losses as the city's central bank hiked rates in line with the Fed, owing to their policy link via the dollar peg.

Shanghai, Sydney, Seoul, Wellington, Mumbai, Bangkok, Taipei and Manila were also well in the red. Tokyo was closed for a holiday. London, Paris and Frankfurt extended the losses.

Reaction and analysis as they happened:

Source: CNA/ac/mi

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