Global stocks, oil slip after Fed points to more rate hikes

An investor walks in front of private stock trading boards at a private stock market gallery in Kuala Lumpur, Malaysia, Friday, Nov. 9, 2018. Asian stock markets fell Friday after a post-election Wall Street rally faded amid expectations of U.S. interest rate hikes despite the Federal Reserve's decision to hold off this week. (AP Photo/Yam G-Jun)

Global stocks are down after the U.S. Federal Reserve suggested it will keep raising interest rates, tightening the supply of money that has supported markets in recent years.

BEIJING — Global stocks and the price of oil fell Friday after the U.S. Federal Reserve suggested it will keep raising interest rates, tightening the supply of money that has supported markets in recent years.

KEEPING SCORE: Germany's DAX lost 0.7 percent to 11,442 and France's CAC 40 lost 1.1 percent to 5,077. London's FTSE shed 0.9 percent to 7,076. On Wall Street, the future for the Standard & Poor's 500 index was off 0.6 percent and that for the Dow Jones Industrial Average declined 0.5 percent.

ASIA'S DAY: The Shanghai Composite Index lost 1.4 percent to 2,598.87 and Tokyo's Nikkei 225 retreated 1 percent to 22,310.16. Hong Kong's Hang Seng fell 2.4 percent to 25,601.92 and Sydney's S&P-ASX 200 declined 0.1 percent to 5,921.80. Seoul's Kospi gave up 0.3 percent to 2,086.09 and India's Sensex was off 0.2 percent at 35,161.61. New Zealand and Malaysia advanced while Taiwan and other Southeast Asian markets retreated.

FED WATCH: The U.S. central bank left interest rates unchanged but suggested it plans to keep raising them in response to the strong economy. The Fed has raised its key rate eight times since late 2015 and is expected to do so again in December, with several more increases to follow. Low rates have helped spur markets and economic growth around the world for years, so further increases are expected to reverse some of that support.

ANALYST'S COMMENT: "The sense that the Fed is well on track to continue tightening policy de-railed the post mid-term relief rally," said Vishnu Varathan of Mizuho Bank in a report. The Fed cited a stronger job market and omitted mention of tighter financial conditions, "lowering the bar" for a December rate hike, said Varathan.

ENERGY: Benchmark U.S. crude lost 90 cents per barrel to $59.77 in electronic trading on the New York Mercantile Exchange. The contract plunged $1 the previous session to $60.67. Brent crude, used to price international oils, declined 95 cents to $69.70 in London. It dropped $1.42 on Thursday.

CURRENCY: The dollar declined to 113.87 yen from Thursday's 114.08 yen. The euro weakened to $1.1353 from $1.1365.

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