World stock markets dive as Trump attacks ‘crazy’ US rate hikes

President adds to borrowing costs concern as China tension fuels febrile market mood

A jittery, volatile week on global financial markets has burst into a frenzy of selling, triggered by heavy losses on Wall Street and comments by Donald Trump describing US interest rate hikes as “crazy”.

The Nikkei index in Tokyo was down by 4.25% on Thursday afternoon, while in Hong Kong the index was down 3.9% and Shanghai was at its lowest mark for four years after a plunge of 4.15%.

Related: Crazy Rich Asians can teach us about the region’s economic rise | Kenneth Rogoff

The Australian market has been caught up in the global sell-off amid worries that rising US long-term interest rates will impact economic growth. Keep across the day’s news at #ausbiz

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