A risk-off mood hangs over the global markets on Friday.
From Tokyo to London, global stocks are in retreat as U.S. futures trade sideways, off earlier highs.
Since Wednesday’s bombshell announcement by the Federal Reserve, indicating a tightening of monetary policy earlier than previously assumed, stocks have been under pressure. On cue, short-dated Treasury yields and the dollar have rebounded—no surprise when the Fed turns more hawkish on interest rates.