Rising inflation in China and deepening financial turmoil in Europe rattled global markets, triggering widespread falls in both stocks and commodities on investor concerns of slower economic growth.
Major stock markets from Asia, Europe to the US were sharply lower on Tuesday, while many government bond yields rose and commodity prices tumbled. The dollar hit a seven-week high as investors unwound so-called carry trades in which they borrow the US currency at low rates and buy higher yielding assets in emerging markets.
On top of concerns in China and Europe, there is growing anxiety over whether the US Federal Reserve’s stimulus programme, known as quantitative easing or QE2, will succeed in lifting growth or spark inflation.
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