- US duo win Nobel for gene regulation breakthrough
- Masood hits first ton for four years to power Pakistan to 233-1
- Fritz wins delayed match to reach Shanghai Masters third round
- Naomi Osaka pulls out of Japan Open with back injury
- China to flesh out economic stimulus plans after bumper rally
- Artist Marina Abramovic hopes first China show offers tech respite
- Pakistan 122-1 at lunch in first England Test
- Kazakhs approve plan for first nuclear power plant
- World marks anniversary of Oct. 7 attack on Israel
- 'Second family': tennis stars hunt winning formula with new coaches
- Philippines, South Korea agree to deepen maritime cooperation
- Mexico mayor murdered days after taking office
- Sardinia's sheep farmers battle bluetongue as climate warms
- Japan govt admits doctoring 'untidy' cabinet photo
- Israel marks first anniversary of Hamas's October 7 attack
- Darvish tames Ohtani as Padres thrash Dodgers
- Asian markets track Wall St rally on jobs data
- Family affair as LeBron, Bronny James make Lakers bow
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- As Great Salt Lake dries, Utah Republicans pardon Trump climate skepticism
- Amazon activist warns of 'critical situation' ahead of UN forum
- Mourners pay tribute to latest victims of deadly Channel crossing
- 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
Markets fluctuate, oil falls again as recession warnings build
Asian markets struggled Thursday to recover from the previous day's battering, while oil extended losses, after Federal Reserve boss Jerome Powell admitted the economy could tip into recession as the bank hikes interest rates to fight runaway inflation.
Soaring prices and central banks' battle to rein them in have sent a chill through global trading floors this year, while investors are also having to deal with the uncertainty wrought by the Ukraine war and patchy pandemic recovery.
Commentators have warned for some time that the world economy could be heading for another contraction owing to the sharp increase in borrowing costs and rampant inflation, which is at decades highs in several countries.
And on Wednesday the head of the most powerful central bank in the world told lawmakers that it was "certainly a possibility".
While saying the economy was strong enough for rates to rise, he added that "frankly, the events of the last few months around the world have made it more difficult for us to achieve what we want, which is two percent inflation and still a strong labour market."
He also warned: "Inflation has obviously surprised to the upside over the past year, and further surprises could be in store".
The Fed this month hiked rates by 75 basis points and is expected to do the same in July, with some observers predicting two more such moves after that.
After a day of swings, Wall Street ended in negative territory, though off big early lows.
Asia fluctuated after a big sell-off Wednesday, with optimism at a premium among investors and analysts saying it is unlikely to improve anytime soon.
Hong Kong, Sydney, Singapore and Wellington were slightly higher but Tokyo, Shanghai, Seoul, Taipei, Manila and Jakarta fell.
"Having listened to Powell's lengthy Senate testimony... it is clear that inflation is the domestic issue at the top of the political agenda," said SPI Asset Management's Stephen Innes.
"Powell consistently bobbed and weaved his way through commenting on anything of fiscal nature but was focused on deploying the tools within the Fed's power to address their dual mandate" of reining in inflation and keeping unemployment in check.
"So we should still position for more rate hike fallout to occur."
Powell's comments came as other top economists added to the recession talk, with former New York Fed President Bill Dudley saying it was "inevitable within the next 12 to 18 months".
And Deutsche Bank CEO Christian Sewing said there was a 50 percent chance of a contraction next year.
Elon Musk, JP Morgan boss Jamie Dimon and Nouriel Roubini are among several others to have made similar forecasts.
"We are still in an era where uncertainty is elevated and is expected to remain so for quite a while," said JoAnne Feeney, of Advisors Capital Management, on Bloomberg Television.
"It's risky right now in terms of the forward outlook for the global economy. Recession risk has clearly risen."
The prospect of a retreat in the global economy continued to drag oil prices down as traders fret over demand, with both main contracts down more than three percent, having tumbled on Wednesday.
Brent and WTI have dropped around 15 percent over the past week, even with sanctions on Russian crude exports and China's gradual reopening from lockdowns.
Adding to the selling was data Wednesday indicating a jump in US stockpiles.
"A slowdown in global growth is a risk to oil demand, which could help ease some of the tightness in the market," Warren Patterson, at ING Groep, said.
"Already, we have seen demand estimates revised lower."
- Key figures at around 0230 GMT -
Tokyo - Nikkei 225: FLAT at 26,146.71 (break)
Hong Kong - Hang Seng Index: UP 0.2 percent at 21,039.28
Shanghai - Composite: DOWN 0.1 percent at 3,263.02
West Texas Intermediate: DOWN 3.5 percent at $102.51 per barrel
Brent North Sea crude: DOWN 3.2 percent at $108.14 per barrel
Dollar/yen: DOWN at 135.74 yen from 136.22 yen late Wednesday
Pound/dollar: DOWN at $1.2241 from $1.2263
Euro/dollar: DOWN at $1.0561 from $1.0570
Euro/pound: UP at 86.27 pence from 86.17 pence
New York - Dow: DOWN 0.2 percent at 30,483.13 (close)
London - FTSE 100: DOWN 0.9 percent at 7,089.22 (close)
E.Paulino--PC