Before Market Opens: Fed blow hits markets across US, Asia; 9 things to know at 9 am on December 16, 2022

US stocks suffered strong losses over concerns that the Federal Reserve and other central banks were ready to risk a recession to bring inflation down. The S&P 500 fell 2.5 percent, the Dow Jones Industrial Average lost 2.25 percent and the Nasdaq composite cracked 3.23 percent. (AP Photo/Ahn Young-joon)

Asian markets traded in the red, following US markets, as investors sold riskier equities amid concerns over a global economic slowdown as the US Fed and other central banks showed the commitment that rate hikes will continue even if it inflicts pain on the economy. Japan's Nikkei fell more than a percent while Korea's Kospi declined nearly a percent. China was flat. REUTERS/Danish Siddiqui

Domestic market benchmarks fell more than a percent on December 15 on the hawkish Fed. Sensex closed 879 points, or 1.40 percent, lower at 61,799.03 while the Nifty50 closed with a loss of 245 points, or 1.32 percent, at 18,414.90. The Midcap index ended 1.05 percent lower while the Smallcap index fell 0.61 percent.

SGX Nifty (Nifty futures on Singapore Stock Exchange) indicated a negative start for the domestic market on December 16. At 7 am, the SGX Nifty was trading 60 points, or 0.33 percent, lower at 18,399.5. REUTERS/Francis Mascarenhas

Gold prices were flat on December 16 and set for a weekly loss, pressured by expectations of higher interest rates for a longer period by the US Federal Reserve. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.3 percent to 913.88 tonnes on December 15, reported Reuters.

The rupee fell 30 paise to close at 82.76 per dollar in the previous session on December 15 amid a selloff in the domestic equity market. Meanwhile, the US dollar gained on worries over looming recession as the US Fed stated rate hikes will continue next year too. Photographer: Dhiraj Singh/Bloomberg

Oil headed for the biggest weekly gain since early October on signs of tightening supply and the prospect for improved Chinese demand, despite downward pressure from interest-rate hikes. Brent Crude moved up and traded near the $82 per barrel mark. REUTERS/Hannibal Hanschke/File Photo

As reported by Reuters, the Bank of England raised its key interest rate to 3.5 percent from 3 percent on December 15, its ninth rate rise in a row as it tries to speed inflation's return to target after price growth hit a 41-year high in October. On the other hand, the European Central Bank eased the pace of its interest rate hikes on December 15 but stressed significant tightening remained ahead and laid out plans to drain cash from the financial system as part of a dogged fight against runaway inflation, reported Reuters. (AP Photo/Kin Cheung, File)

Foreign portfolio investors (FPI) sold Indian shares worth ₹710.74 crore on NSE, BSE and MSEI in the previous session on December 15. Conversely, domestic institutional investors (DIIs) bought Indian shares worth ₹260.92 crore, data from NSE showed.