Markets Fear U.S. Woes Will Hit Global Growth

The dramatic selloff yesterday in overseas stock markets and commodities signals increasing worry among investors that the credit-market mess in the U.S. could trigger a slowdown in global economic growth.
The market developments, tempered only by a late-day comeback in U.S. stocks, offered an example of how intertwined the world's financial system has become. What started as a meltdown in one sector of the U.S. bond market has led to fears of a wider credit crunch that could affect economies from South Korea to Mexico.