(Bloomberg) -- The global economy faces its biggest test of confidence since the European sovereign debt crisis as investors fear it’s running out of engines.

Japan and the euro area are throwing up fresh signs of weakness by the day and emerging markets such as China are dragging instead of driving growth. The sense of tumult is being exacerbated by war in the Middle East, the standoff in Ukraine, street protests in Hong Kong and the spread of Ebola to Dallas.

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