"Global Markets Plummet as China's Economic Turmoil and Fading Fed Cut Hope Weigh on Stocks"

Global shares hit a two-month low as investors bet on interest rates staying elevated for longer, with concerns over China's shadow banking sector also weighing on sentiment. US government bond yields remained near 16-year highs, while the dollar was set for its longest winning streak in 15 months. Crude oil was set to snap a 7-week winning streak due to China's slowing economic growth and the possibility of more US rate hikes. Bitcoin also hit a fresh two-month low. The MSCI All Country stock index fell to its lowest level since early June, and bond yields eased as concerns about the global economy prompted investors to seek safe-haven assets.