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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Surprise Fed rate hike hurts world stocks AFP - Saturday, February 20 Send IM Story Print Pedestrians walk past a share prices board in Tokyo. A surprise move by the US Federal Reserve to hike one of its lending rates triggered fears in Asian markets Friday that global stimulus measures may begin unwinding sooner than expected. LONDON (AFP) - – Asian stock markets slumped on Friday and there were also losses for European equities after the US Federal Reserve unexpectedly hiked the interest rate it charges banks for emergency loans. Tokyo closed down 2.05 percent and Hong Kong dived 2.59 percent as investors viewed the Fed's move to raise its discount rate as a sign that there will be a faster-than-expected unwinding of stimulus measures. In European morning trade on Friday, London slipped 0.23 percent, pulling back from initial sharp losses, while Frankfurt lost 0.37 percent and Paris fell 0.52 percent. "The Federal Reserve certainly managed to spice things up a little after the US close last night with that surprise move to raise the discount rate, which looks likely to erode the bulk of (Thursday's) gains on Wall Street" when it reopens Friday, said IG Markets analyst Ben Potter. "This will doubtless stimulate the debate as to which central bank will move next, although it's worth stressing that this change affects the discount as opposed to the (Fed) Funds rate." After two consecutive quarters of positive US economic growth, the Federal Reserve Board on Thursday said it was hiking the discount rate, or the primary credit rate, to 0.75 percent from 0.5 percent. Primary credit is provided by the central bank as a backup source of funds to commercial banks. In a statement, the Fed said its action was part of changes to the terms of its discount window lending programs "in light of continued improvement in financial market conditions." The Fed made clear the changes "do not signal any change in the outlook for the economy or for monetary policy." But markets read the news differently, with the euro striking a fresh nine-month low of 1.3443 dollars. "The most important takeaway is that the Fed is beginning to implement an exit strategy, which is more than what many of the other central banks are doing, and therefore this action will be extremely positive for the dollar," said Kathy Lien, director of currency research at Global Forex Trading. "Although the Fed went out of (its) way to say that this does not equate to a change in their monetary policy outlook, action speaks louder than words," she said, adding that the move "indicates how hawkish they must be and how serious they are about tightening monetary policy." Investors saw the action as possibly signaling "the Fed is closer to eventually raising the Fed Funds rate," the benchmark interest rate, said Samarjit Shankar, an analyst with The Bank of New York Mellon. At the last meeting of its policy-making body on January 26-27, the Fed left unchanged its target range for the key Federal Funds rate -- the rate which the banks charge each other for overnight loans -- at zero to 0.25 percent. "Some investors are worried that the Fed's discount rate hike may lead to tighter financial conditions for businesses," said Shinichiro Matsushita, market analyst at Daiwa Securities. But Matsushita said a decline in the value of the yen against the dollar in response to the Fed move provided some support for Tokyo stocks because a weaker currency is good for exporters. In Asia earlier Friday, the Tokyo Stock Exchange's benchmark Nikkei-225 index lost 2.05 percent, Hong Kong tumbled 2.59 percent and Sydney dropped 0.43 percent. 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