Markets track Wall Street plunge on inflation woes, dollar rallies

have also seen authorities reimpose containment measures soon after lifting them, leading to fears about the world's number two economy.

With the central bank forced to be more aggressive, there is a concern that the US economy could be sent into recession next year. Wall Street's three main indexes tanked, with the Nasdaq taking the heaviest blow as tech firms - which are susceptible to higher rates - were battered, while European markets were also hammered.

"But we still seem far from that point, which suggests upside risks to bond yields, ongoing pressure on risky assets and likely broad US dollar strength for now."

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