The Dow drops 1,000 points following Federal Reserve Chairman Jerome Powell’s Jackson Hole speech. Powell sparked a global sell-off after warning of increased pain to come in the struggle against rampant inflation. The ECB follows suit, predicting further sacrifices to curb price pressures on this side of the Atlantic. In China, July’s industrial profits slump on the back of continuing Covid restrictions and power outages hit factory performance. Regulators have called on banks to provide more support. And in crypto news, Bitcoin is on course for its fifth day of declines, dipping below the $20k mark amid concerns about the Fed’s rate hike trajectory.

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