Global markets plunged Thursday, continuing steep losses seen in the previous session, as investors worry about rapidly rising interest rates and an expected slowdown in global growth. Asia markets fell sharply overnight, with the stock indexes in Shanghai, Shenzhen and Tokyo all tumbling by around 4 or 5 percent. The Shanghai composite saw its worst session since February 2016, according to data from analytics company Wind. In the Greater China region, the slumped 3 percent. In Taiwan, the tech-heavy Taiex dropped by 6.31 percent to close at 9,806.11, with shares of lens maker and Apple supplier Largan Precision plunging 9.89 percent. Over in South Korea, the Kospi continued the general trend for the day by tumbling 4.14 percent to close at 2,136.31. In Europe, stocks were also sharply lower Thursday, with hitting its lowest level in more than 20 months. stocks led the losses, down 3.2 percent, after a sharp sell-off for the same sector on Wall Street Wednesday.

In the U.S., stocks fell at the open, but the losses were mitigated after the release of weaker-than-expected inflation data. The Dow Jones Industrial Average dropped 125 points as Walgreens Boots Alliance lagged. The S&P 500 dipped 0.1 percent while the Nasdaq Composite eked out a small gain. This came after stocks sank Wednesday with the Dow plunging more than 800 points in its worst drop since February. Around the world, stocks have tumbled on the back of concerns surrounding global economic growth and rising interest rates. The International Monetary Fund warned earlier this week that simmering trade tensions, such as those between the U.S. and China, could lead to a "sudden deterioration in risk sentiment, triggering a broad-based correction in global capital markets and a sharp tightening of global financial conditions." Meanwhile, U.S. Treasury yields have this week climbed to multi-year highs. Traditionally a sharp rise in bond yields — the cost of borrowing — is seen as negative for major cooperates and their stock prices. President Donald Trump on Wednesday once again criticized the U.S. Federal Reserve, calling the central bank "crazy" for its insistence on hiking rates. Trump also commented on the plunge in markets, calling it a "correction that we've been waiting for for a long time."