Global markets took a beating as Wall Street suffered its worst day of decline within the year.

Major European indexes fare no better in early trading.

In the U.S., the losses came after the Dow dropped more than 1,100 points and the S&P 500 fell 3.7 percent on Thursday, wiping out Wednesday’s gains as investors worried about the impact of rising U.S. interest rates and the risk of a recession.

Stocks in Asia also experienced a decline following China’s pledge to stick to its zero-Covid policy.

The Chinese yuan declined against the U.S. dollar in currency markets, hitting its lowest level in nearly two years. 

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Readers Bureau, Contributor

Edited by Jesus Chan

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