The rollercoaster ride on global markets got a lot more terrifying overnight, with the Dow suffering its worst single session plunge in over a year.

The whirlwind sell-off came just a day after the blue chip index managed its best gain in 2014.

The frenetic trading on US markets coincided with a spike in the volatility index to its highest level since February, reflecting concerns over slowing global growth.

The latest bout of selling was likely in response to comments from ECB chief, Mario Draghi, who warned that Europe's economic problems were structural and reforms were needed to spark a recovery.

There was no respite for oil amidst the equity market carnage. Crude slid another two percent to its weakest since December 2012 amid concerns slowing global growth will dampen energy demand.

Conversely, economic growth concerns, and the Fed's surprisingly dovish September minutes, fuelled another solid rise in gold prices.

In currency markets, traders hit the sell button on the Aussie and the euro, the latter hurt by Draghi's negative comments on eurozone growth. Our dollar was pressured by yesterday's weak Aussie jobs figures.

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