Stocks weaken, dollar gains amid Fed hike talk
Stocks around the world sold off on Thursday, while the U.S. dollar gained, pressuring oil and other commodities, as investors absorbed the possibility that the U.S. Federal Reserve will raise interest rates in the near term.
Oil prices sharply pared losses as supply worries offset the drag from the dollar.
Financial markets were adjusting to the minutes of the Fed April meeting, released on Wednesday, in which the U.S. central bank opened the door to a rate hike in June, catching investors off guard.
Speaking on Thursday, New York Fed President William Dudley said the U.S. economy could be strong enough to warrant an interest rate increase in June or July.