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Global stocks, Wall St futures skid on fears over rate hike

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Global stocks and Wall Street futures are lower as fears spread that U.S. interest rate hikes to fight inflation might stall economic growth.

A man wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Friday, May 6, 2022. Asian stocks followed Wall Street lower Friday as fears spread that U.S. interest rate hikes to fight inflation might stall economic growth. – World stocks followed Wall Street lower Friday as fears spread that U.S. interest rate hikes to fight inflation might stall economic growth.

Wall Street futures fell after the benchmark S&P 500 index plunged 3.6% on Thursday as optimism that drove the previous day's rally evaporated. “Clearly, investors had second thoughts about the so-called ‘dovish hike’ from the Fed,” Rob Carnell of ING said in a report. The likelihood is “rate hikes coming thick and fast, but little if any prospect of a turn in inflation any time soon.”In early trading, the FTSE 100 in London lost 0.6% to 7,461.01 and Frankfurt's DAX sank 0.9% to 13,772.99. The CAC 40 in Paris shed 1.1% to 6,296.18.Also Friday, the U.S. government was due to report employment data.

 

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