Global Stocks Fall After Fed Steps Up Inflation Fight

A currency trader talks on the phone at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Sept. 22, 2022. Ahn Young-joon/AP Photo

BEIJING—Global stock markets sank Thursday after the Federal Reserve delivered another big interest rate hike to cool galloping inflation and raised its outlook for more increases.

London and Frankfurt declined after Switzerland’s central bank also raised its benchmark lending rate by its biggest margin to date.