BUSINESS Stocks sink on recession fear, oil slips before OPEC

BUSINESS

Stocks sink on recession fear, oil slips before OPEC

AFP

19:38, June 30, 2022

Photo taken on April 9, 2020 shows pump nozzles at a gas station in Brussels, Belgium. (Photo: Xinhua)

World stock markets mostly sank Thursday on intensifying recession fears, while oil prices receded before an OPEC output decision.

Frankfurt and Paris each tumbled 2.7 percent in early afternoon eurozone deals, and London shed 1.9 percent.

That followed a largely downbeat performance in Asia, although Shanghai rose after data showed a forecast-beating improvement in China's services sector on easing Covid restrictions.

Crude futures drifted lower as major oil producers led by Saudi Arabia and Russia were Thursday expected to keep to a decision on a limited boost to output despite the risk of high oil prices may help push the global economy into recession.

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