The US markets logged their steepest one-day decline this year amid concerns over the global economy and start of the earnings season. All the major averages dropped below the psychological thresholds.

Concerns over rising borrowing costs for the European countries kept investors on the edge. The CBOE volatility index jumped above 20.

Alcoa kicks off the earnings season with a bang, beating the street with a surprise profit.

US data to watch out for:

Export prices may see a 0.3% gain while the import prices may grow by 1%. Also watch out for data from weekly mortgage applications.

The European markets:

The European markets hit a 10-week low as fresh concerns about global growth and pressure on some highly indebted Euro zone countries hurt cyclical stocks.

Adding to the woes are the rising borrowing costs for European countries.

Yields on 10-year Spanish bonds jumped to the highest level of the year, while Italian 10-year yields gained near the highest level in almost two months.

The Asian markets:

Following the US and European cues, the Asian markets opened with over 1% cuts.

Currency space:

Euro slipped versus the dollar on the back of Euro zone debt concerns. Meanwhile, the dollar index is just shy of 80 level.

Commodities:

Brent crude tumbled over 2%, suffering its biggest one-day percentage loss of the year and slumping to an eight-week low on global growth concerns. It slipped below USD 120 per barrel.

Gold prices gained over a percent yesterday as losses in equities triggered safe-haven buying in the bullion market. Gold is currently around USD 1,657 per ounce levels.

Indian markets:

Yesterday, the Nifty closed marginally in the green at 5,243. The Sensex too closed with a mere 21 point gain.

Stocks in news:

RIL is close to buying stake in KFA, may also get UB Group's 30.44% stake in Manglore Chemical as part of the deal.

IGL has approached Delhi HC against regulator's order. Shares of IGL went into a tailspin after the Petroleum & Natural Gas Regulatory Board (PNGRB) asked the company to lower its network tariff for CNG and LPG by around 60% in New Delhi as well as NCR.

Indian stock n commodity tips...