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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Stocks and Oil Drop as Dollar Gains on Recession, Ukraine Fears

Kremlin-backed officials in four regions under Russian control have claimed victory in controversial annexation votes, spooking investors STRINGER AFP

Equities and crude prices fell, while the dollar held at multi-year highs Wednesday as recession fears mount, while traders are also growing increasingly concerned about tensions with Russia after it declared victory in controversial Ukraine annexation polls.

Investors are also keeping a close eye on London, after new finance minister Kwasi Kwarteng's tax-cutting mini-budget last week sent shock waves through markets, pushing the pound to a record low and leading to dire warnings for Britain's economy, AFP said.

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