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Markets down on news of Fed rate hikes


12-15-2016 14:23 BJT

Asian shares and currencies are struggling after the Fed raised rates and hinted at the risk of a faster pace of tightening.

The Chinese yuan weakened against the U.S. dollar for the first time this year, down 261 basis points to about 6.9. The benchmark Shanghai Composite Index dropped 0.47 percent, while the Shenzhen Composite Index, sank 0.34 percent. Hong Kong stocks tumbled at the open, with the Hang Seng Index falling 0.72 percent.

Tokyo stocks finished the morning lower, reversing earlier gains that were fuelled by a weaker yen.  

And while the New York Stock Exchange Composite Index was down, it is still within striking distance of 20,000. Analysts said Wall Street expected the hike, which is why the markets did not plummet.

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