In Europe the FTSE shed 63 points (-1.1%) to settle at 5484, whilst the CAC (-2.5%) and DAX (-2%) suffered even heavier falls.
Stateside the Dow Jones gave up 199 points (-1.6%), whilst the S&P 500 (-2.1%) and Nasdaq (-1.9%) endured similar losses.
The Euro fell the most in three weeks against the yen and slumped versus the greenback after ECB President Draghi said he didn’t signal stepping up bond purchases to spur growth.
Oil slumped, shedding US$2.15 to US$98.34 a barrel.
Base metal prices were mostly lower with traders remaining cautious ahead of the Chinese economic data due out later today and the EU summit this weekend.
Most metals fell between 0.5-2.2% with the exception of Nickel, which added 1.4%.
Gold was another significant loser, falling US$31.40 (-1.8%) to US$1,713.40 an ounce.
In company news, all four big banks have followed the RBA in cutting their variable interest rates by 25 basis points.
There is no major local data due out for today’s session, although the market will be in receipt of important Chinese CPI and PPI data today, at 12:30pm, AEDT.