MONEY LIVE | Stocks sink on Fed rate hike plans, but rand gains ground | Fin24

Global stocks mostly sank Thursday after the US Federal Reserve signalled it was ready to hike interest rates sooner than expected to combat spiking inflation.

Minutes from the Fed's latest monetary policy meeting showed that officials were confident the world's top economy was in good shape and able to absorb high borrowing costs, despite concerns over the fast-spreading Omicron coronavirus variant. On Wall Street, the Nasdaq plunged more than three percent Wednesday, and the Dow and S&P 500 lost more than one percent after starting the week with records peaks.The FTSE/JSE All-Share Total Return Index rose by 29.2% for calendar 2021 .

Declines may not be over yet: Nasdaq 100 futures point to a further 0.3% drop on Thursday after the worst two-day rout since March. US 10-year Treasury yields were hovering near to 1.75%, the highest in about 10 months. Volumes on the main indexes remained thin and well below levels of mid-December when the Federal Reserve’s hawkish tilt turned markets volatile.

An MSCI Inc. index of the region’s equities retreated for the third day in four with a gauge of tech shares among the worst-performing.

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