Global equity markets have been under pressure in recent sessions amid fears of a potential U.S. recession, triggered by cooling labor market conditions and struggling manufacturing activity.

Despite last month's business surveys showing expansion in services activity, investors remain worried that the world's largest economy may be slowing down, which could curb U.S. household discretionary spending and reduce corporate profits.

Risky assets have been at the epicenter of the current market turmoil, as stocks worldwide experienced heavy declines.

Over the past three sessions, Japan's Nikkei 225 index plummeted by 19.5%, marking its worst three-day drop since...