Asian markets tumble again after Fed hikes interest rates to highest since 2008

STOCK markets in the region took a beating on Thursday (Nov 3) after the US Federal Reserve announced its fourth 0.75-point interest rate hike of the year. This took the central bank’s short-term borrowing rate to a target range of 3.75 per cent to 4 per cent, the highest level since 2008.

The Fed upped interest rates by 75 basis points in a bid to fight rising inflation rates, with a warning that it may raise rates in smaller increments in the near term. 

As at market close on Thursday, the Straits Times Index was down 1.2 per cent or 38.62 points to 3,102.51. Decliners surged past advancers 313 to 190, after 1.3 billion securities worth just over S$1 billion changed hands.