South Korea's KOSPI fell 8%, triggering a down-circuit breaker and suspending trading for 20 minutes.

LME three-month tin fell to $45,985/tonne, the lowest since April 7; down 2% on the day.

Fed official Hammack said monetary policy needs to move to a restrictive stance and he favors frequent, small interest-rate adjustments, arguing gradual hikes cause less disruption to the economy and financial system. He said inflation remains too high and is moving in the wrong direction. Hammack said the Fed has earned credibility through its actions and that central-bank independence is critical to bring inflation back to 2%. He added the dollar remains the world’s primary reserve currency, underpinned by US institutions and legal framework, and it is hard to imagine it losing that role.