Global markets slid on Friday after Wall Street suffered its worst day of the year.
Major European indexes dropped in early trading.
They followed stocks in Asia, which sold off as China's pledge to stick to its zero-Covid policy stoked concerns about the world's second biggest economy.
In currency markets, the Chinese yuan declined against the US dollar, hitting its lowest level in one and a half years.
The losses came after the Dow dropped more than 1,100 points and the S&P 500 fell 3.7 per cent on Thursday, wiping out Wednesday's gains as investors worried about the impact of rising US interest rates and the risk of a recession.
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