World shares lower as US rate hike relief rally fades over inflation fears

Global shares were mostly lower Thursday after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming to fight inflation.

European benchmarks and U.S. futures slipped after Tokyo and some other markets tracked Wall Street's gains of the day before.

Shares in New York rallied after the Fed's hike, the biggest since 1994, as investors initially took heart from Chair Jerome Powell's comments suggesting future rate increases may be more modest.

But analysts warned the gains might be short-lived given the extent that high inflation has seeped