Trump calls U.S. stock sell-off 'a correction'

President Trump spoke with reporters after arriving at Erie International Airport for a campaign rally at Erie Insurance Arena on Wednesday

"Actually it's a correction that we've been waiting for a long time, but I really disagree with what the Fed is doing", Trump told reporters before a political rally in Pennsylvania.

Numerous biggest USA names fell hard in Wednesday's session, with Apple, Boeing and Facebook all slumping more than four percent and Amazon, Nike and Microsoft shedding more than five percent.

But those actions have drawn scorn from Trump, who has accused the Fed of moving too fast in raising rates when inflation is minimal and government data points to a strong economy. Officials expect to hike rates another quarter percentage-point by the end of this year and gradually continue to raise rates at least through 2019.

China Mobile shares fell 3.7%, insurance group Ping An dropped 4.1% and China Construction Bank lodged a slide of 3.2%.

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"I think it's really up to him where he wants to go and what his potential really holds", the 20-time Grand Slam victor said. Doubles great Woodbridge says Kyrgios, who this week lost the top Australian ranking to Alex de Minaur, gets singled out.


Stock markets across the globe followed the sell-off in the US.

As Hurricane Michael pummeled Florida, Wall Street was battered by storms as well, with the Dow shedding about 830 points, in the biggest fall since February, to close the day at 25,498.74.

"The selling is not panicking but it's persistent", Briefing.com analyst Patrick O'Hare said of the proceedings.

Jasper Lawler, head of research at London Capital Group, offered this explanation: "The bloodbath for global equities comes as investors adjust to a world of higher U.S. interest rates and USA treasury yields". He has repeatedly criticized the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating.

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Last week's jump in yields followed strong U.S. data but many analysts have been anticipating a change in the dynamics in the bond market due to expectations that central banks in Europe and Japan will soon phase out bond-buying programmes.

"It's shifting the tectonic plates", said Jack Ablin, chief investment officer at Cresset Wealth Advisors.

Tech and luxury stocks have been among those to feel the worst pain in the sell-off.

Earlier, Asian markets saw sharp drops as US President Donald Trump said the US Federal Reserve had "gone crazy" with plans for higher interest rates. The benchmark 10-year Treasury yield surged to a seven-year high on Tuesday and the 30-year bond yield jumped to its highest since 2014. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96.

Hurricane Michael makes landfall, heading to Mid-Atlantic coast
A National Ocean Service water level station at Apalachicola recently reported almost 6.5 feet of inundation above ground level. Forecasters also said a wind gust of 54 miles per hour (87 kph) was reported at Apalachicola Regional Airport.


In other markets, oil extended declines in Asian trade Thursday following a sharp build in U.S. crude inventories and fears Hurricane Michael would hurt demand.

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