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Stock losses likely to mount this week

Market outlook hinges on Fed's view of the net effect of low oil prices on US economy

The oil industry was one of the world's biggest consumers of steel in recent years and its abrupt decline has also hurt the share prices and profit outlooks of major steelmakers.

STOCKS have incurred their biggest weekly loss since 2011 as investors reappraised the implications of the oil bust for the global economy. The losses are likely to mount this week unless the Federal Reserve retreats from hints that it's ready to shift into rate-hiking mode.

A report from