Stocks, FX fall on Middle East tensions, fading Fed cut hopes

Forbes 50 Richest: IOI brothers go into top five for first time but weak ringgit drags down Malaysian billionaires' wealth

The MSCI index for emerging market stocks shed 1.7 per cent, while currencies slipped 0.3 per cent by 0830 GMT . Meanwhile, the US dollar soared to a five-month high as traders also pushed back expectations for the timing and size of any rate cuts from the Fed. “China certainly isn’t out of the woods just yet - it has been battling against a cocktail of headwinds including its ongoing property crisis, weak consumer confidence and tumbling exports in March,” said Victoria Scholar, head of investment at Interactive Investor.

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