British business activity shrank in August, slammed by weakness in the key construction, manufacturing and services sectors, as the economy suffers from Brexit turmoil, a key survey showed Wednesday.

UK business activity contracts over Brexit turmoil, raises recession risk

Global stocks crumbled and oil prices extended a punishing sell-off on Thursday as an inverted US bond yield curve intensified fears about a world recession. Markets in Asia were already on the backfoot after all three major US stock indexes closed down about 3% overnight, with the blue-chip Dow posting its biggest one-day point drop since October.

Global stocks routed, oil sinks as bond markets flash recession warning

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