Stock market today: World shares track Wall Street's slump after Fed says rates may stay high in '24

Benchmarks fell by 1% or more in Paris, Tokyo, Sydney and Hong Kong. U.S. futures slipped and oil prices also were lower.steady at its highest level in more than two decades, as was expected. Officials also indicated they may raise the federal funds rate once more this year, as they try to get inflation down to a 2% target.

The Fed's chair, Jerome Powell, said the Fed is close to hitting the peak on rates, if not there already. New Zealand's benchmark stock index fell less than 0.1% as figures released Thursday by Statistics New Zealand indicated the economy expanded at a 3.2% annual pace in the April-June quarter. In quarterly terms, GDP rose by 0.9% . Finance Minister Grant Robertson said the economy was turning a corner and growing at twice the rate predicted by economists.

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