Global stocks continued a downward trend Wednesday, along with a drop in government bond yields and oil prices.

Eurostoxx 600 was down .47% by 2 pm CEDT, and Asian markets fell amid losses in the energy sector.

The WSJ reports some expect US stocks to continue to edge upward on positive earnings revisions, despite the slump in oil.

Down 20% on the year, the low price of oil has also added doubt to the inflation picture, and Dallas Federal Reserve Bank President Robert Kaplan said Tuesday he wants to see more evidence of inflation before raising rates:

“I’d like to see now a confirmation in the data that the recent weakness in March, and to some extent April and May, was transitory.”