Expectation soars for December Fed rate hike

Investor sentiment on emerging markets remains near record lows, amid a strong consensus that the US Federal Reserve will raise interest rates next month, according to Bank of America Merrill Lynch's monthly fund manager survey. Eight in 10 fund managers expect the Fed to hike rates in December, up from 47% last month. The futures market also puts the probability of a rise in rates sharply up, to 66% from 25% in mid-October. Moreover, a net 67% expect the dollar to appreciate in…