In the US, the Dow fell 474 points to lose 1.4% on Tuesday - its largest one-day drop since late February. European bourses also saw steep declines on fears among traders that rising consumer prices could push up interest rates.
The UK's benchmark share index, the FTSE 100, closed 2.47% lower. The index retreated below the 7,000 mark to 6,947.99 after hitting a post-pandemic high of 7,164 on Monday.
"The market just can't shake the inflation fears which are clouding the recovery from Covid," said AJ Bell investment director Russ Mould.
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