- Phillies win thriller to level Mets series
- Yu bags first PGA Tour win with playoff win
- PSG held by Nice to leave Monaco clear at top of Ligue 1
- Lewandowski treble for leaders Barca as Atletico held
- Fresh Israeli strikes hit south Beirut
- Sucic stunner earns Real Sociedad draw against Atletico
- PSG draw with Nice, fail to reclaim top spot in Ligue 1
- Gudmundsson downs AC Milan after De Gea's penalty heroics for Fiorentina
- 'Yes' vote prevails in Kazakhstan nuclear plant vote: TV
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- 'Nothing gets in way of team,' says Celtics' MVP hopeful Tatum
- 'We will win!': Mozambique's ruling party confident at final vote rally
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Florida braces for Milton, FEMA head slams 'dangerous' Helene misinformation
- Postecoglou slams 'unacceptable' Spurs after 'terrible' loss at Brighton
- Marmoush double denies Bayern outright Bundesliga top spot
- Rallies worldwide call for Gaza, Lebanon ceasefire
- New 'Joker' film, a dark musical, tops N.America box office
- Man Utd stalemate keeps Ten Hag in danger, Spurs rocked by Brighton
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Vikings hold off Jets in London to stay unbeaten
- Ahead of attack anniversary, Netanyahu says: 'We will win'
- West Indies cruise to T20 World Cup win over Scotland
- Man Utd fire another blank in Aston Villa stalemate
- Lewandowski treble powers Liga leaders Barca to Alaves victory
- Russian activist killed on front line in Ukraine
- Openda strike briefly sends Leipzig top of Bundesliga
- Goal-shy Man Utd have to 'step up', says Ten Hag
- India bowl out Bangladesh for 127 in T20 opener
- Madueke rescues Chelsea in draw with 10-man Forest
- Beckett's belief rewarded as Bluestocking storms to Arc glory
- Trump on the stump, Harris hits airwaves in razor-edge US election
- Flash flooding kills three in northern Thailand
- Kaur leads India to victory over Pakistan in Women's T20 World Cup
- Juventus held by Cagliari after late penalty drama
- In France's Marseille, teen 'stabbed 50 times' then burned alive
- Ruthless Gauff beats Muchova in straight sets to win China Open
- India restrict Pakistan to 105-8 in Women's T20 World Cup
- England target repeat of Pakistan Test whitewash
- Penrith Panthers win fourth straight NRL title after downing Storm
- Weary Sinner happy for day off after battling into Shanghai last 16
- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Two elephants die in flash flooding in northern Thailand
- Sabalenka targets world number one and Wuhan hat-trick
- Tunisia votes with Saied set for re-election
- Bagnaia sets 'example' with Japan MotoGP win to cut gap on Martin
- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
Asian, European markets hit as inflation fears ramp up
Most Asian and European markets fell Thursday as a rally in oil ramped up inflation fears, with top officials warning of more pain to come as the Ukraine war continues to push prices up and put further pressure on the global economy.
Buyers on Wall Street were in retreat again after data showed US crude and gasoline stockpiles sank, just as the summer driving season begins and a leading OPEC member warned demand would surge further as China reopens.
Adding to the gloom was the OECD's sharp downward revision of its global growth outlook and doubling of its inflation forecast.
The glum mood was only slightly offset by ongoing optimism that Beijing's tech crackdown was close to an end.
Both main crude contracts edged down but held most gains after jumping more than two percent Wednesday to three-month highs after figures showed the biggest US storage depot had seen a big fall in reserves last week, suggesting elevated prices were not deterring people from driving.
Meanwhile, White House Press Secretary Karine Jean-Pierre said officials expect Friday's keenly awaited consumer price index will be "elevated".
The comment lifted expectations that the Federal Reserve will stick to its hawkish path and hike interest rates by half a point for at least three more meetings this year as it tries to bring down inflation from four-decade highs.
Analysts said investors were unlikely to get any reprieve until crude -- a key driver of inflation since Russia's invasion of Ukraine -- was brought under control.
"A pullback in crude would be crucial for any prolonged risk rally, given implications for inflation expectations," said SPI Asset Management's Stephen Innes.
"And for the central bank fraternity intent on frontloading rates, chapter two of the current playbook reads that aggressive tightening risks a material decline in housing, consumer confidence, and consumption that will eventually drive their respective economies into recession and send stocks tumbling.
"So until we reach peak inflation, which will trigger a less hawkish Fed and lower recession odds, it could be a gloomy summer for global stock pickers."
He added that prices were expected to rise further for now as China emerges from months of lockdown, a sentiment that United Arab Emirates Energy Minister Suhail Al-Mazrouei agreed with.
"With the pace of consumption we have, we are nowhere near the peak because China is not back yet," he told a conference Wednesday. "China will come with more consumption."
And OANDA's Jeffrey Halley said difficulties monitoring Iran's nuclear compliance meant a nuclear deal with Iran -- and the release of its crude onto world markets -- was "as far away as ever".
The unease about rising prices and rates saw all three main indexes fall on Wall Street, with focus on the European Central Bank's policy meeting later Thursday and the release of US inflation data Friday.
The ECB is expected to begin winding down its massive bond-buying programme and signal a rate hike is in the pipeline.
Asian traders followed suit Thursday.
Hong Kong dropped, even as tech firms continued to benefit from hopes that China's crackdown was almost over, while Shanghai, Sydney, Seoul, Singapore, Taipei, Manila and Wellington were also in the red.
Traders were nervous about news that officials in Shanghai will lock down a district of 2.7 million people Saturday to conduct mass coronavirus testing, highlighting the problems they have in running an economy while chasing their zero-Covid strategy.
There was little reaction to news that China's exports surged last month.
Tokyo, however, was marginally in positive territory as the yen sat at two-decade lows owing to widening monetary policies of the United States and Japan, which shows no signs of lifting rates. Mumbai, Jakarta and Bangkok also edged up.
London, Paris and Frankfurt opened lower.
Investors were jarred by a report from the Organisation for Economic Co-operation and Development, which said it had cut its 2022 growth outlook to three percent -- from 4.5 percent predicted in December -- owing to the Ukraine war.
It also doubled its inflation estimate to 8.5 percent, a 34-year high.
"The world is set to pay a hefty price for Russia's war against Ukraine," wrote the OECD's chief economist and deputy secretary-general Laurence Boone.
And Anna Han, at Wells Fargo Securities, told Bloomberg Television: "Our view is that the chance of recession by the end of 2023 is 40 percent or so."
- Key figures at around 0720 GMT -
Tokyo - Nikkei 225: FLAT at 28,246.53 (close)
Hong Kong - Hang Seng Index: DOWN 1.0 percent at 21,795.62
Shanghai - Composite: DOWN 0.8 percent at 3,238.95 (close)
London - FTSE 100: DOWN 0.2 percent at 7,581.81
Brent North Sea crude: DOWN 0.2 percent at $123.29 per barrel
West Texas Intermediate: DOWN 0.3 percent at $121.75 per barrel
Dollar/yen: DOWN at 133.83 yen from 134.29 yen late Wednesday
Euro/dollar: DOWN at $1.0716 from $1.0720
Pound/dollar: DOWN at $1.2520 from $1.2535
Euro/pound: UP at 85.59 pence from 85.54 pence
New York - Dow: DOWN 0.8 percent to 32,910.90 (close)
A.Seabra--PC