Stocks Slide in Asia as Recession Fears Pummel Sentiment, Oil Hits 4 Year Lows

ASIAN MARKET - SYDNEY. Stocks in Asia extended a slide on Wall Street on Wednesday as President Donald Trump looked set to press ahead with whopping 104% tariffs on Chinese goods, pummelling oil prices to four-year lows as global recession fears gripped financial markets.

The U.S. dollar fell against safe-haven currencies but the offshore yuan hit a record low of 7.4287 per dollar overnight. Fed fund futures jumped in early Asian trade to imply around 115 basis points of interest rate cuts this year, compared to 92 basis points early on Tuesday.