Markets across Europe just closed at their lowest levels of the day.
The London FTSE 100 fell 2%, the French CAC 40 fell 1.7%, the German DAX lost 1.1%, the Spanish IBEX 35 and the Italian FTSE MIB both retreated 0.8%.
European markets are now trading at six-week lows.
Meanwhile, in the United States, the Dow, the S&P 500, and the NASDAQ are all off 0.9%, trading near their lows of the day as well.
The S&P 500 is trading around 1617 this morning, 4.1% off its peak level of 1687 turned in on May 22.
And the Japanese Nikkei 225, after falling a whopping 3.8% in the wake of a speech from the country’s prime minister that failed to deliver, continues to head lower in after-hours futures trading.
The Nikkei is now down 17% from its May 22 peak, only three percentage points away from a bear market.
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