(Bloomberg) -- A wave of selling gripped global markets as the rout in all but the safest assets deepened.

U.S. stocks joined selloffs in Europe and Asia, though the Standard & Poor’s 500 Index cut the worst of its losses by more than half. Chinese shares tumbled by the most since 2007 and stocks in Germany headed for a bear market. Commodities fell to a 16-year low as crude plunged 5%. The yen strengthened and 10-year Treasury yields slid below 2% for the first time since April.

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