Share sell-off moderates in Asia after rout on Wall Street

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But Asian markets took big losses, as the US market did the day before.

Markets have been rattled in recent weeks by increased worries over the impact that rising interest rates, inflation and the escalating trade dispute between the US and China may have on Corporate America.

EARNINGS SPREE: Investors were weighing the latest batch of company results in the busiest week of the quarterly earnings calendar.

"There's still uncertainty facing equity investors", said Gary Pollack, managing director at Deutsche Bank Wealth Management. The Nasdaq composite gave up 75 points, or 1 percent, to 7,362.

The Dow fell 608 points, or 2.4 percent, to 24,583.

While a sharp increase in personal consumption helped boost the overall GDP reading, there was also an increase in business inventories during the quarter. The indexes were pulled down by Amazon, Facebook and Netflix, all of which lost more than 5 percentage points in value, while Google-parent Alphabet plummeted 4.8 percent. Amazon sank 8.5 percent to $1,631.10 while Alphabet fell 2.8 percent to $1,072.25.

Elsewhere in Asia, South Korea's Kospi fell 2 percent to 2,053.75 and the S&P ASX/200 dropped 2.2 percent to 5,701.80.

McDonald's rose 6.1 percent after it beat estimates for quarterly same-store sales on strong demand in global markets, while Verizon rallied to an 18-1/2-year high after beating estimates for profit and net new phone subscribers.

In a bright spot, chipmaker Intel gained 3.1 percent to $45.69 after it reported strong quarterly results and raised its outlook.

Despite signs of weakness in the housing market, the US economy appears to be very strong.

USA stocks fell on Tuesday after worries about the earnings outlook added to recent selling pressure, though major indexes ended well off the day's lows as investors snapped up beaten-down shares late in the session.

ENERGY: Benchmark U.S. crude fell 0.7 per cent to $66.88 a barrel in NY. On Wednesday it edged up 0.6 per cent Brent crude, used to price worldwide oils, gained 4 cents to $76.21 a barrel.

After the closing bell, Microsoft rose 2.7 percent following the release of its results.

That reignited worries over the impact of rising borrowing costs, wages and tariffs on corporate profits and caused S&P industrial stocks to slide 2.24 percent.

The dollar weakened to 112.44 yen from 112.47 yen on Tuesday. Silver dropped 0.8 percent to $14.68 an ounce. Copper dipped 0.5 percent to $2.74 a pound.

Some investors, including David Meier, a portfolio manager at Motley Fool Asset Management, say the sense that stock prices have simply reached their peak is driving the markets, too. Germany's DAX fell 0.7 percent, while the CAC 40 in France lost 0.3 percent.

The FTSE 100 closed down 0.92 per cent, or 64.54 points, to 6939.56, while the FTSE 250 shed 0.96 per cent, or 178.63 points, to 18,352.90.

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