MSCI global stock index barely rose, U.S. dollar edged down as Fed's favored inflation reading showed moderating prices, investors await rate policy clues before central bank meeting.
Shanghai, the only major market to advance, gained after China's central bank nudged down a rate that affects mortgage costs.
Behind the slides have been concerns over the Ukraine-Russia war, soaring inflation, higher interest rates and, more recently, a possible U.S. recession.
The selloff in the MSCI ACWI Index has dramatically lowered valuations of companies across the US and Europe, but strategists ranging from Michael Wilson at Morgan Stanley to Robert Buckland at Citigroup Inc. expect stocks to fall further amid worries of high inflation, hawkish central banks and slowing economic growth, especially in the US.