Global markets are experiencing a significant sell-off, driven by what economist Thierry Wizman of Macquarie Bank describes as a 'deadly combination' of negative factors. Key issues include shifting Federal Reserve rate expectations, slowing economic growth in major economies, and political and fiscal uncertainties in Japan, the UK, and France. The CME's FedWatch tool indicates a sharp decline in the probability of a December rate cut, now at 47% compared to 94% a month ago, exacerbating investor anxiety. Market participants are also bracing for tomorrow's employment report, which could further influence economic outlooks and market dynamics.