Roland Jackson
AFP
January 30, 2014

Emerging markets faced intense pressure on Thursday after the US Federal Reserve cut its stimulus further, with currencies in India, South Africa and Turkey failing to rally despite interest rate rises.

Asian shares fell heavily and European stocks also retreated, extending a global rout driven by worries about emerging markets.

Concerns were stoked when the US central bank further reduced its quantitative easing (QE) stimulus overnight.

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