Markets in Asia dropped following the close of trading in the U.S. on Wall Street as global economic growth shows signs of weakening.
Central banks across the globe have been raising interest rates to try and calm down red-hot inflation that has hit multi-decade highs, the Associated Press reported.
As morning came in Asia and Australia, stock markets in Shanghai, Hong Kong and Sydney saw declines.
Last week the U.S. Federal Reserve raised rates yet again during its last meeting of the year, followed by rate hikes from the European Central Bank which said more increases could be expected.
Investors have feared that central bankers might be willing to risk causing a recession in order to control inflation around the world, including in the United States.
The U.S. Federal Reserve said last week that interest rates may have to stay elevated for longer than had been expected.