The European markets opened lower on Wednesday, extending losses from the previous session. The British FTSE was last trading marginally lower. French CAC was last trading 0.4 percent lower. The biggest European market by volume, German DAX was also last trading 0.4 percent lower.

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The Wall Street indices ended over a percent in the red. Dow Jones Industrial Average ended one percent lower, while S&P ended 1.6 percent lower. Nasdaq Composite ended nearly two percent lower.

The European markets are also taking cues from their Asian counterparts.

Asian markets traded in the red on Wednesday. Japan's Nikkei was last trading 0.7 percent lower, while Hong Kong Hang Seng was 0.7 percent up. China's Shanghai Composite was last trading marginally lower.

Meanwhile, crude oil prices gained on Wednesday. At the last count, brent crude futures were trading 0.4 percent higher at $80.9 a barrel. US West Texas Intermediate futures, too, were trading half a percent in the green at $77.4 per barrel.

The Indian markets remained range bound on Wednesday. At the last count, the Nifty 50 index was trading above 17,750, and Sensex was trading 60 points higher.

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