Global stock markets fell on Thursday following the Federal Reserve's confirmation of further interest rate hikes and escalating trade tensions between China and the U.S. Asian markets declined, extending the global selloff.
The Fed meeting minutes showed that most officials expect rates to need to increase further to bring inflation under control. Markets are now pricing in a high chance of rate hikes in both July and November.
Meanwhile, China imposed export controls on metals used in semiconductors, adding to trade tensions. U.S. Treasury Secretary Janet Yellen is currently visiting China.
Bond yields rose after the Fed meeting, with U.S. 10-year Treasury yields climbing to a four-month high. The dollar rose against most currencies but fell against the yen, despite the pair's typical inverse relationship with U.S. yields. Japanese officials have repeatedly warned about yen weakness recently.
Oil prices dipped as worries about slower Chinese demand outweighed expectations of tighter supply from Saudi Arabia and Russia cutting output.
