- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
Stocks slump, dollar surges on recession fears
Global stock markets sank Wednesday and the dollar soared as investors fretted over recession fears and heightened Ukraine tensions.
"With the prospect of a sharp economic slowdown, further pain for households and businesses, and investor sentiment on its knees, alas equities markets continue their descent," said AJ Bell investment director Russ Mould.
The haven dollar held at multi-year highs against rival currencies, with the euro plumbing a new 20-year low at $0.9536.
The British pound slumped 1.7 percent against the greenback -- despite the Bank of England snapping up UK government bonds to try and bring calm to markets.
However, the UK government's 30-year bond yield managed to retreat to 4.44 percent, having hit a 1998 peak at 5.14 percent.
The BoE intervention followed criticism Tuesday from the International Monetary Fund, which argued that Britain's recent budget could increase inequality and worsen inflation.
New finance minister Kwasi Kwarteng's tax-cutting plan last week sent shockwaves through markets, pushing the pound to a record low and leading to dire warnings for Britain's economy.
The dollar remains the go-to unit as the US Federal Reserve leads the way in raising interest rates.
Observers are betting that US borrowing costs will peak at around 4.75 percent next year, and are expected to remain elevated for some time.
The prospect of such tight monetary policy has battered equities, as US 10-year Treasury yields -- a gauge of future rates -- hit four percent for the first time since 2010.
Sentiment was also rattled by worries about developments in Ukraine, after Kremlin-installed authorities in four regions under Russian control claimed victory in annexation votes, with Moscow warning it could use nuclear weapons to defend the territories.
Ukraine and its allies have denounced the so-called referendums as a sham, saying the West would never recognise the results.
- Key figures at around 1145 GMT -
London - FTSE 100: DOWN 0.8 percent at 6,927.75 points
Frankfurt - DAX: DOWN 1.5 percent at 11,961.92
Paris - CAC 40: DOWN 1.4 percent at 5,675.32
EURO STOXX 50: DOWN 1.5 percent at 3,279.53
Tokyo - Nikkei 225: DOWN 1.5 percent at 26,173.98 (close)
Hong Kong - Hang Seng Index: DOWN 3.4 percent at 17,250.88 (close)
Shanghai - Composite: DOWN 1.6 percent at 3,045.07 (close)
New York - Dow: DOWN 0.4 percent at 29,134.99 (close)
Pound/dollar: DOWN at $1.0569 from $1.0730 on Tuesday
Euro/dollar: DOWN at $0.9556 from $0.9595
Euro/pound: UP at 90.41 pence from 89.39 pence
Dollar/yen: DOWN at 144.76 yen from 144.81 yen
Brent North Sea crude: UP 0.1 percent at $86.36 per barrel
West Texas Intermediate: UP 0.5 percent at $78.86 per barrel
burs-rfj/bcp/rox
M.García--CPN