US stock markets sank sharply at the opening bell, only to recover minutes later amid frantic Wall Street trading.

The main US indexes opened about 2% down, but then pared losses, with the benchmark Dow Jones turning positive.

It followed steep losses on Wall Street yesterday, which sparked a sell-off in Asia and Europe.

Investors are fretting over the prospect of rising interest rates, which push up borrowing costs for companies and consumers.

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