Markets drop as Fed hike looms; Putin adds to woes

HONG KONG: Stocks fell on Wednesday ahead of what many expect to be a third straight hefty interest rate hike by the Federal Reserve (Fed), while the dollar hit fresh multidecade highs against the pound and euro after Moscow stepped up its invasion of Ukraine.

Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up borrowing costs to combat the highest inflation in decades, which has been compounded by the war in Ukraine and supply chain snarls.