- All-round Ashwin powers India to big Test win over Bangladesh
- NZ chase 275 to win first Sri Lanka Test after Patel bags six
- Ashwin bags six wickets as India hammer Bangladesh in first Test
- Nascent French government under pressure on multiple fronts
- Angry French cognac makers see red over Chinese tariffs threat
- Protect the prosciutto: Italy battles swine fever
- UN holds 'Summit of the Future' to tackle global crises
- Marxist leader set to become Sri Lanka's next president
- From blades to pull-up bars: UK charity tackles knife crime
- Swiss vote on pensions and environment protections
- No pain, no gain: Chinese pro wrestlers fight for recognition
- UAE leader seeks to deepen 'strategic' ties in US visit during Mideast crisis
- Hezbollah takes heavy hits but still fighting Israel
- Floods, landslides hit central Japan months after major quake
- All Blacks coach Robertson demands better finishing
- Argentina edge South Africa to keep title hopes alive
- Biden says China 'testing us,' in hot mic remarks to Quad allies
- Dubois destroys Joshua to retain IBF world heavyweight crown
- Guardiola says critics want Man City wiped 'from face of the Earth'
- Biden says 'Quad' is 'here to stay' despite challenges
- Dubois knocks out Joshua to retain IBF world heavyweight crown
- Vinicius helps 'faster' Madrid overturn stubborn Espanyol
- Zelensky to press US on long-range missile strikes inside Russia
- PSG drop first points in draw at Reims
- Vinicius, Mbappe on target as Madrid crush plucky Espanyol
- Jeeno leads Ko by two at LPGA Queen City Championship
- Bottega Veneta goes for 'E.T.' chic as Madonna pops into D&G
- Messi, Miami frustrated by New York late leveler
- Musk's X platform takes first step toward lifting Brazil ban
- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
China worries weigh on global stocks, Wall Street plummets
Stock markets mostly fell Tuesday as investors worried about the impact of the Covid outbreak in China and rising interest rates in the United States.
A relief rally in Europe faded as the day wore on, while major US indices saw big declines after Monday brought some relief from recent negative sentiment.
The Dow closed more than two percent in the red while the Nasdaq lost four percent in what Charles Schwab investment bank described as a sell-off fueled by a range of bad omens, including looming rate increases from the Federal Reserve.
"Markets continued to grapple with several headwinds including expected Fed aggressiveness moving forward, the ongoing war in Ukraine, inflation pressures, and Covid-related lockdowns in China," analysts at Charles Schwab investment bank said.
Even US government data showing an increase in orders for big-ticket manufactured goods last month was not enough to turn around sentiment.
"The lackluster response... is another indication that market participants have their doubts about stronger economic activity persisting in the face of clear growth obstacles like hawkish-minded central banks and ongoing supply chain pressures that have been felt with China's lockdowns," Patrick J. O'Hare of Briefing.com said.
The European single currency hit a two-year low against the dollar, which was boosted by its haven status amid Ukraine turmoil.
But world oil prices rebounded from heavy losses in recent days on fears over weaker Chinese demand.
The coronavirus flare-up across China has led authorities to impose strict containment measures in its biggest cities, shutting off millions of people and threatening to deal a hammer blow to the world's number-two economy.
Hong Kong stocks edged up but made only a small dent in the massive drop suffered the day before, while Shanghai extended the previous day's losses of more than five percent.
- China crisis -
Sentiment was soothed somewhat after the People's Bank of China vowed to boost growth and consumption.
Beijing's Covid measures have dealt a severe blow to its economy, leading to concerns about knock-on effects for the rest of the world -- given its reliance on Chinese-made goods.
The crisis in China comes as traders grapple with a hawkish Fed, which is moving to control inflation that sits at a more than 40-year high.
US central bankers have said they expect to lift rates several times this year to get a grip on prices, with Fed Chair Jerome Powell indicating a half-point rise next month followed by more before January.
The Ukraine war has sparked additional market turmoil, owing to the impact on commodity prices and inflation.
- Key figures at 2105 GMT -
New York - Dow: DOWN 2.4 percent at 33,240.18 (close)
New York - S&P 500: DOWN 2.8 percent at 4,175.20 (close)
New York - Nasdaq: DOWN 4.0 percent at 12,490.74 (close)
EURO STOXX 50: DOWN 1.0 percent at 3,721.36 (close)
London - FTSE 100: UP less than 0.1 percent at 7,386.19 (close)
Paris - CAC 40: DOWN 0.5 percent at 6,414.57 (close)
Frankfurt - DAX: DOWN 1.2 percent at 13,756.40 (close)
Tokyo - Nikkei 225: UP 0.4 percent at 26,700.11 (close)
Hong Kong - Hang Seng Index: UP 0.3 percent at 19,934.71 (close)
Shanghai - Composite: DOWN 1.4 percent at 2,886.43 (close)
Brent North Sea crude: UP 3.1 percent at $105.47 per barrel
West Texas Intermediate: UP 3.5 percent at $102.03 per barrel
Euro/dollar: DOWN at $1.0636 from $1.0713 late on Monday
Pound/dollar: DOWN at $1.2576 from $1.2741
Euro/pound: UP at 84.55 pence from 84.08 pence
Dollar/yen: DOWN at 127.21 yen from 128.14 yen
burs-rl/ach/cs/hs
J.Fankhauser--BTB