Asian and European stock markets faced sharp declines on Friday, with China spearheading the downturn as its September Consumer Price Index (CPI) showed no growth. Markets pundits say weak economic indicators from China could cause concern for the global economy.

European stocks also traded lower on Friday due to problems stemming from United States inflation data suggesting a potential hike in interest rates. The elevated inflation figures may prompt the Federal Reserve to maintain its primary interest rate at a higher level for an extended period to curb inflation in a move that unsettled investors, as evidenced by today’s stock market performance.

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