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“The initial reaction in the equity market was aggressive as many expected that this news would be out at the weekend”, Guardian Stockbrokers’ director of trading, Atif Latif, said.

Japan’s Nikkei 225 Index dropped by 4.61% to 18,540.68.

Although Fed officials agreed that the state of the US economy should warrant a lift-off of the interest rates, they believed that it was a risky move in the context of a lagging inflation and a weak world economy.

U.S. stock indices had gone almost 1,000 days without a 10 percent decline from their recent peaks, an unusually long stretch given that corrections usually happen once a year on average.

The dollar index, which measures its performance against a basket of six major currencies, fell 0.9pc to its lowest in two months.

Concerns about a China-led global economic slowdown and tumbling commodities prices had U.S. traders fearing the worst after a 5 percent decline in the both the S&P and Dow last Thursday and Friday.

The S&P 500 slid 77.68 points, or 3.9 percent, to 1,893.21. Investors access the group via the Powershares DWA Momentum Portfolio, an exchange-traded fund that saw assets balloon to more than US$2 billion in August.

Oil prices fell. But investors also saw opportunity, moving fast and early to snap up some bargains.

It’s ugly. But before you panic, let’s put this in perspective. “As it stands, the FTSE 100 is on course to post its biggest weekly decline of the year so far and there’s not a great deal on the agenda that would appear to have the ability to salvage the...

The New York Stock Exchange invoked a rule saying market makers don’t have to disseminate price indications before the opening bell in an effort to make it easier and faster to open stocks on a volatile trading day.

The New York Stock Exchange invoked a rule saying market makers don’t have to disseminate price indications before the opening bell in an effort to make it easier and faster to open stocks on a volatile trading day.

Prices of crude have collapsed by close to 62 percent since the November high of close to $105 last November which is being seen as a huge negative for oil producing countries in the Middle East.

U.S. consumer prices rose slightly in July, but a solid increase in the cost of shelter suggested inflation was probably stabilizing enough to support expectations the Federal Reserve will raise interest rates this year.

By increasing demand for them, the government hopes prices will rise. As the slide highlighted on Monday, those efforts have not been a success.

Australian Treasurer Joe Hockey said that though markets would remain volatile for a while, the global economy’s fundamentals remained fairly strong.