Asian markets were back in negative territory Wednesday following a rout on Wall Street as traders are faced with a perfect storm of crises including China's Covid-linked economic woes, US interest rate hikes, soaring inflation and the Ukraine war.
The downbeat mood across the world has been compounded by weak earnings from some of the world's biggest companies, while pledges of support from Beijing have largely fallen on deaf ears.
Tech firms, who rely on debt to drive growth, led a plunge in New York on fears that the Federal Reserve is at the beginning of a period of sharp rate increases aimed at taming scorching inflation.
The numerous issues around the world are acting as a massive drag on sentiment, with many worrying about the global economic outlook.
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