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.
