Explained: Falling global markets and what is the new 'GST' fear

Buckle up bulls as the bears are in the driving seat and it promises to be a wild ride down. Markets from Wall Street to Dalal Street feel the pain as central bankers globally take up the war against inflation and it may be a battle that only the market loses. There is a new phrase in town that is haunting traders 'GST' - Global Synchronished Tightening, making more costly and pushing a funding freeze across the globe.

Also read/watch| US markets collapse, Dow sinks 700 points to year low

• United States: Where it all started, reading of 40-year high inflation has opened the doors to multiple 'big hikes' by the Fed who is not confident the rate hikes will be enough to bring inflation down.
• United Kingdom: Bank of England hiked rates for the fifth time in a row as inflation soars.
• Swiss National Bank unexpectedly increased interest rates for the first time since 2007
• ECB starts taking some measures, but the rate hike pushed to the end of July.
• Hong Kong raised rates on Thursday following Fed's third such hike this year
• South Korea cuts growth outlook to the slowest in 3 years, cuts corporate tax to help industry