Global stocks plunge after Wall Street bloodbath

Japan's Nikkei dived 4.7 percent its worst fall since November 2016 to four-month lows

Many in the markets had been anticipating some sort of correction following the steady gains over the past year or so, which have pushed some indexes, notably on Wall Street, to a series of record highs.

Minutes after the bell to signal the start of trading, the FTSE 100 index of leading British shares was down 2.5 percent at 7,151, while the CAC 40 in France slid 3 percent to 5,127.

Hopes that Wall Street won't repeat the scale of Monday's losses helped limit the selling during European trading hours.

"Playtime is officially over, kids", analysts at Rabobank said.

Mnuchin said that he was not "overly concerned about the market volatility".

Major indexes in Asia and Europe were in the red on Monday.

The Dow's drop Monday was its biggest in terms of points, but it had a larger percentage drop as recently in 2011.

Europe's early drop sent the region's STOXX 600 to its lowest level in six months.

The Nikkei 225 fell the most since 2015 and trading volume was more than double the 30-day average.

"Since last autumn, investors had been betting on the goldilocks economy - solid economic expansion, improving corporate earnings and stable inflation. But the tide seems to have changed", Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities, told the agency. Taiwan's main index lost 5.0 percent, its biggest since in 2011 and Hong Kong's Hang Seng Index dropped 4.2 percent.

The declines were led by Japan's Nikkei which took one of its steepest dives since the 1990s before recovering to close down 4.7 percent.

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The growing concerns about the pace of interest rate hikes came after U.S.jobs data on Friday showed wages were growing at their fastest pace since 2009.

People monitor a stock index board at a bank in Bangkok, Thailand, February 6, 2018.

Since coming to office, Trump has repeatedly touted day-to-day stock market increases as evidence his administration is succeeding.

The 10-year U.S. Treasuries yield rose to as high as 2.885 percent on Monday, its highest in four years and 47 basis points higher than the 2.411 percent seen at the end of 2017.

US stock futures were also pointing lower, with the Dow expected to open down about 0.6%.

The trigger for the sell-off was a sharp rise in United States bond yields following Friday's data that showed USA wages increasing at the fastest pace since 2009, raising the alarm about higher inflation and with it potentially higher interest rates.

It follows a day of heavy losses on Wall Street, which saw the Dow Jones Industrial Average, an index of 30 major U.S. corporations, close at 24,346.13, down 4.6 percent.

That left some popular exchange-traded products that investors use to benefit from calm market conditions facing potential liquidation.

Asian markets struggled to perform as investors tried to get rid of stocks due to fall in the USA on the background of anticipation of higher interest rates.

The euro eased to $1.2353, not far from last week's low of $1.2335, a break of which could usher in a further correction after its rally to a 3-year high of $1.2538 by late last month.

Against the yen, which is often used as a safe-haven currency because of Japan's solid current account surplus, the dollar slipped to 109.05 yen, having lost one percent on Monday. It was a similar story on Germany's DAX, which was 3 percent lower at 12,308.

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