Australia shares to drop after heightening recession worries hammer Wall St. Dow sheds 741 points, Nasdaq loses 4.1pc. Follow updates here.
The Swiss franc surged by more than 2 per cent against the euro after the Swiss National Bank unexpectedly hiked rates by 50 basis points, putting its return to parity back in focus.
SNB President Thomas Jordan said that the central bank would be prepared to sell foreign currency if the franc were to weaken and buy foreign currency in the event of excessive currency appreciation.The move rippled across other markets after the SNB said more tightening may be needed, with euro-area bonds sliding as money markets cranked up bets on rate hikes from the European Central Bank.
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