World stock market MELTDOWN: FTSE 100 loses £1 BILLION a minute amid US rates rise fears
WORLDWIDE stock markets plunged on Monday as panicked investors rushed to sell shares amid fears the US could raise interest rates this month.
By LANA CLEMENT
Express.co.uk
Mon, Sep 12, 2016
Britain’s top share index the FTSE 100 plunged by 1.6 per cent, wiping around £30billion off its value in just half an hour.
In Europe, the situation was even worse, with Germany’s Dax and France’s CAC falling by almost two per cent.
It comes after heavy losses earlier in the day across Asia and Australia.
The panic has largely been triggered by fears the US could raise interest rates in September.
A hike in America’s interest rates has a huge affect on the global economy, making many debts more expensive and also signalling the end of cheap money that helped sustain markets after the 2007 global crash.
The US Federal Reserve lifted rates marginally for the first time since the financial crisis last December.
Traders have since been on tenterhooks over when the next move will be.
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