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Stocks, oil dive as recession fears return after brief market respite

An electronic quotation board displays the share price of the Tokyo Stock Exchange (right) and the yen’s rate against the US dollar (left) at a foreign exchange brokerage in Tokyo on Wednesday. Shares fell in most Asian markets. (Photo by Kazuhiro NOGI / AFP)

Equities and oil prices tumbled Wednesday after a brief respite from last week’s painful rout across world markets, with recession fears continuing to build as central banks hike interest rates to combat decades-high inflation.

While Asia, Wall Street and Europe all enjoyed healthy gains on Tuesday, analysts warned the downbeat mood on trading floors means the selling is unlikely to end any time soon.

Federal Reserve boss Jerome Powell’s two-day testimony to Congress this…

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