Global financial markets hit by fears of US interest rate rise

Share prices fell back on both sides of the Atlantic with the FTSE 100 shedding 40 points

Global financial markets tumbled on Monday amid growing investor concerns about the US Federal Reserve potentially putting up interest rates in response to surging inflationary pressures.

Share prices fell back on both sides of the Atlantic with the FTSE 100 shedding 40 points, or 0.5%, in London, to finish the day at 7,445, while stocks fell by a more substantial margin on Wall Street as traders bet on the American central bank leaping into action from as early as March to tackle high inflation rates.