Irish shares join global stock market sell-off on fears more damaging rate hikes to come 

There are fears of further rate increases.

Shares in Ireland and the rest of Europe joined in a global stock market sell-off on fears that central banks will be forced into a further damaging round of interest rate hikes.

The concerns were heightened after US figures showed a huge growth in new job numbers. 

The US Federal Reserve was the first out the gates last year in hiking interest rates and there had been hopes that the US rates would be soon reaching their peak. 

The European Central Bank was expected to sanction two further interest rates — a quarter-point hike later this month and a further increase after the summer — before it stopped raising the cost of borrowing. 

The Bank of England is under the most scrutiny because British inflation is running much hotter than elsewhere in the major economies, and the central bank may be forced to keep increasing British rates for some time.

The Ftse-100 index of shares in London closed 2.2%, while the broader index of companies representing the wider British economy fell 2.6%. 

The pan-European Stoxx 600 index fell 2.3%. In Ireland, shares in Paddy Power-owner Flutter slid 6% and Ryanair ended 4% lower.

“The Ftse-100 has been assailed on all sides today," said Chris Beauchamp at online broker IG. 

"Commodity prices are down as the dollar strengthens, but it is the wave of expectations that UK interest rates will go even higher than previously thought that has really done the damage...diminishing the already limited-appeal of the Ftse-100 for income hunters," he said.