Equities rose in China, Japan and Australia while contracts for the Nasdaq 100 slid. Alphabet dropped as much as 7% in after-market trading on revenue that came in below expectations and Microsoft lost 8% following a disappointing revenue forecast.

Positive signs for Asia included China’s central bank and foreign-exchange regulator indicating they would maintain the healthy development of stock and bond markets, while reiterating that the yuan would be “basically stable”.

A near 5% rebound in a gauge of US-listed Chinese stocks helped claw back some of the record loss suffered in the wake of President Xi Jinping breaking with China’s collective leadership.

A gauge of the dollar rose slightly and Treasuries held to gains, with the 10-year yield falling below 4.10% after data for US home prices and consumer confidence underscored concern over the economic outlook. 

Australia’s three-year bond yield fluctuated after third-quarter inflation data beat estimates.

Bank of Japan offered to buy more bonds than planned at its regular market operation. The yen weakened to around 148 per dollar.

While the US data hasn’t changed expectations that the Federal Reserve will hike interest rates by 75 basis points next month, it adds to signs that an end to aggressive monetary tightening may come next year, taking pressure off global markets.

Analysts are also projecting challenges for now in Europe, with a jumbo hike of 75 basis points expected from the European Central Bank on Thursday. That’s even as many economists now reckon a recession has begun in the euro region.

“Sentiment’s still incredibly fragile. We do expect to see further market volatility,” Catherine Yeung, investment director at Fidelity International, said on Bloomberg Radio. “All eyes are still on the rate cycle globally speaking as well as where inflation does go. I think going into the end of the year, again, it’s going to be volatile.”

Despite the disappointment from the two tech giants, roughly 28% of S&P 500 companies have reported earnings, with around 70% outperforming estimates, according to data compiled by Bloomberg. 

The Coca-Cola Co and General Motors closed the US session in green after topping analysts’ earnings estimates. 

Elsewhere, oil fell as an industry report showed a rise in US crude stockpiles and investors fretted about weaker demand amid slowing growth.