Global stock markets are heading for their worst week in six months as investors spooked by rising interest rates sold equities worldwide, with President Donald Trump blaming an “out of control” US Federal Reserve for the downturn.
Yesterday’s sell-off was most pronounced in Asia, where rising borrowing costs combined with mounting trade tensions between the US and China to hit technology stocks particularly hard.
Chinese online powerhouse Tencent closed down nearly 7 per cent, taking it 44 per cent lower since January. The semiconductor-heavy Taiwan exchange was down 6.3 per cent, its worst one-day drop in a decade.
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