LONDON—World stock markets and oil prices hit the skids on Wednesday as the persistent palpitations about rising interest rates and recessions struck again, while the Japanese yen hit a fresh 24-year low against a seemingly unstoppable U.S. dollar.
The enthusiasm that had given Wall Street its best day in over a month on Tuesday was suddenly gone as Europe opened 1.5 percent lower and Brent crude prices plunged 4 percent following what had also been a downbeat Asian session.
Fired-up dollar bulls weren’t taking any prisoners either on bets that the head of the Federal Reserve, Jay Powell, will reiterate to Washington later the need to jack up U.S. rates hard and fast….