Markets are set for a rough day of trading as uncertainty over the actions of key central bank policy makers spreads new jitters.
Overnight Asian markets experienced their biggest downturn since the morning after the UK's Brexit vote.
Closed for the day. Australian stocks just their worst session since the Brexit vote. pic.twitter.com/keBlonnaRO
— David Ingles (@DavidInglesTV) September 12, 2016
The main source of anxiety is a possible rate hike in the US when its Open Market Committee meets next week.
A survey of economists by The Financial Times indicated that 85% believe that rates will hold - but the possibility of an interest rate rise is still causing waves this morning.
Traders have also been unsettled by the European Central Bank's decision to not comment on its quantitative easing programme being extended beyond its current end-point of spring 2017.
A number of Fed officials have made comments which have indicated that the next increase is coming soon. The "US economy was nearing the Federal Reserve’s statutory goals of maximum employment and price stability," Federal Reserve chair Janet Yellen said during a speech in late August.
"In light of the continued solid performance of the labour market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months," she continued.
The Federal Reserve's meeting will take place between September 20-21st.
As of 10:50am, the ISEQ index of Irish shares has fallen by 88 points to 6,095 - while London's FTSE is down by 104 to 6,673.
