All the latest economic and financial news,as investors brace for Wednesday’s Federal Reserve meeting. 7.49am GMT 7.49am GMTOver in Asia, stock markets have endured a bumpy ride today as the prospect of a US rate hike on Wednesday night dents confidence.
Japan’s Nikkei tumbled by 3% at one stage, or closing down 1.8%,while 2% was wiped off Australia’s S&P index.
China’s decision to loosen its grip on the yuan and allow slow but regular depreciation in recent weeks has added to concerns that the world’s moment-biggest economy may be more fragile than expected.
The tear, which followed an announcement on Friday of a shift towards a trade-weighted basis instead of exclusively tracking the US dollar, and will also heighten concerns that China is prepared to intensify a currency war with rival regional economies in order to withhold its enormous export sector competitive. Related: Asian stock markets drop as China devaluation,oil and Fed stoke fears Continue reading...
Source: theguardian.com