Why an equity market crash?

Whe n we look at equity markets in emerging countries, China, the United States and the euro zone, we can consider that there has been an equity market crash in the recent period. What accounts for this crash? The risk of protectionism between the United States and China? But its effect on the economy is very limited; The rise in interest rates at a time when growth is slowing down? But the rise in interest rates is modest; A decline in earnings? They are increasing rapidly in OECD countries, but they are declining in China and emerging countries; This is perhaps only a significant shock linked to the rise in risk aversion, the only other cause being a decline in earnings in emerging countries.