Stocks in tailspin, dollar soars as hard landing fears mount

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Reuters

By Marc Jones LONDON (Reuters) – Shares sank to a 1-1/2 year low on Thursday and the dollar hit its highest in two decades, as fears mounted that fast-rising inflation will drive interest rates higher and bring the global economy to a standstill. Those nerves and a German warning that Russia was now using energy supplies as a “weapon” yanked Europe’s top markets down 2% [.EU] and left MSCI’s index of world shares nearly 20% lower for the year. The global growth-sensitive Australian and New Zealand dollars fell about 0.8% to almost two-year lows. The Chinese yuan slid to a 19-month trough while…

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