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(Bloomberg) -- Stocks dipped in Asia on Wednesday as fears of an economic downturn lingered over financial markets, leaving the dollar hovering at the highest level in more than two years.

Falls in Japan, China and Hong Kong hit Asian shares. US futures wavered after a volatile Wall Street session saw equities close up but with little conviction that global shares can escape the clutches of a bear market anytime soon.

The prevailing worries about recession amid a campaign of monetary tightening to fight high inflation spurred a plunge in oil to under $100 a barrel on Tuesday. It struggled to retake that level in Asian trading.

Treasuries slipped, leaving the US 10-year yield just above 2.80%. A dollar gauge was firm and the yen edged up amid the ongoing caution in markets. Bitcoin suffered another swoon, retreating below $20,000.&nbsp;

Slivers of comfort such as the possible rowing back of some US tariffs on Chinese goods are proving no match for the dour mood in markets. A looming energy crisis in Europe amid Russia’s war in Ukraine and threats to company earnings from a slowing US economy are among the risks investors face.

“Markets are caught between two opposing forces and that’s the place we are going to be in for the next few months,” Diana Amoa, chief investment officer for long-biased strategies at Kirkoswald Asset Management, said on Bloomberg Television. “We go from trading lower growth to trading high inflation.”

The odds of a US recession in the next year are now 38%, according to latest forecasts from Bloomberg Economics. Bond traders are penciling in a policy turnaround by the Federal Reserve, with current hawkishness giving way to interest-rate cuts in the middle of 2023.

Elsewhere, the pound trimmed losses sparked by turmoil in British politics. Boris Johnson’s premiership is on the brink after the resignation of two of the most senior Cabinet members, but he’s digging in as UK prime minister.

In China, Shanghai launched mass testing for Covid in nine districts after detecting cases the past two days, fueling concerns that the financial hub may once again find itself locked down in pursuit of Covid Zero.

Bitcoin versus Ether? Stablecoins versus central bank digital currencies? What are NFTs really? What is the next shoe to drop in the crypto washout and where will the next bubble inflate? Click here to participate in this week’s MLIV Pulse survey, which takes only one minute and is anonymous.

<h2>What to watch this week:</h2><ul><li>FOMC minutes, US PMIs, ISM services, JOLTS job openings, Wednesday</li><li>EIA crude oil inventory report, Thursday</li><li>Fed Governor Christopher Waller, St. Louis Fed President James Bullard, scheduled to speak, Thursday</li><li>ECB account of its June policy meeting, Thursday</li><li>US employment report for June, Friday</li></ul><h2>Some of the main moves in markets:</h2>Stocks

<ul><li>S&amp;P 500 futures fell 0.1% as of 10:49 a.m. in Tokyo. The S&amp;P 500 rose 0.2%</li><li>Nasdaq 100 futures shed 0.1%. The Nasdaq 100 rose 1.7%</li><li>Japan’s Topix index dropped 1.4%</li><li>South Korea’s Kospi index fell 1.1%</li><li>Australia’s S&amp;P/ASX 200 index lost 0.2%</li><li>China’s Shanghai Composite index declined 0.6%</li><li>Hong Kong’s Hang Seng index retreated 0.7%</li><li>Euro Stoxx 50 futures rebounded 1.7%</li></ul>Currencies

<ul><li>The Bloomberg Dollar Spot Index was steady</li><li>The euro was at $1.0266</li><li>The Japanese yen was at 135.30 per dollar, up 0.4%</li><li>The offshore yuan was at 6.7104 per dollar</li></ul>Bonds

<ul><li>The yield on 10-year Treasuries rose about two basis points to 2.82%</li><li>Australia’s 10-year yield fell 10 basis points to 3.45%</li></ul>Commodities

<ul><li>West Texas Intermediate crude rose 1% to $101.54 a barrel</li><li>Gold was at $1,769.71 an ounce, up 0.3%</li></ul>

Global Markets Wrap: Stocks Fall in Asia While Crude Oil Holds Plunge

(Bloomberg) -- Stocks dipped in Asia on Wednesday as fears of an economic downturn lingered over financial markets, leaving the dollar hovering at the highest level in more than two years.

Gold drops over 2% in selloff sparked by strong dollar

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stocks

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