Asian markets fall on fears of higher US interest rates

KUALA LUMPUR: Stock markets in Asia took a beating that has not been seen since the Sept 11 attacks in 2001 as investors sold off equities on worries that interest rates in the United States will be raised faster than expected, and hurt corporate profits and economic growth. 

Compounding the sour sentiment on stocks was the potential effects of high crude oil prices on the global economy amidst uncertainties in the Middle East and the possibility of slower growth in China, which has signalled its intention to prevent its economy from overheating.