U.S. stocks were caught in a volatile session as traders were worried by the prospects of an impending recession amid tight Federal Reserve policy. The added danger of Russia's refusal to promise not to nuclear weapons has also spooked markets.
As of 12:22 pm local time, the S&P 500 was down 0.2% at 3,934.6, as per Bloomberg data, whereas the Nasdaq 100 was down 0.57% at 10,952.38.
In Europe, FTSE fell 0.43%, to close at 7,489.19, whereas the DAX ended 0.57% lower at 14,261.19.
The CAC also declined, falling 0.41% to 6,660.59.
Most of the major Asian indices declined on Wednesday, with Hong Kong stocks leading losses in the region.
The Hang Sheng index fell 3.22% to close at 18,814.82, down 626.36 points. The gauge broke from the intraday high of 19,737.31 to the low of 18,799.81, but pared losses in the last hour.
The Shanghai Composite ended 0.4%, or 12.91 points, lower at 3,199.62. Nikkei 225 closed at 27,686.40, down 0.72% or 199.47 points. In contrast, the Shenzhen Component ended in green, rising 0.17%, or 19.94 points, to 11,418.76. Kospi closed 0.43% lower, or 10.35 points down, at 2,382.81.
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