Equities and crude prices dipped Wednesday, while the dollar stayed at multi-year highs, as recession worries deepen. Traders are particularly concerned about relations with Russia, which declared victory in contentious Ukraine annexation polls.

Investors are also keeping a tight eye on London, after new finance minister Kwasi Kwarteng's tax-cutting mini-budget last week sent shockwaves through markets, sending the pound to a record low and prompting catastrophic predictions for the British economy.

While Asia witnessed tiny increases, New York and Europe ended mainly in the red, with Wall Street shocked by statistics indicating a surprising increase in US consumer confidence — presumably due to a drop in gasoline costs — and a boost in house sales.

Despite three consecutive big Federal Reserve rate rises — and forecasts for another in November — as it seeks to curb four-decade-high inflation, the statistics indicated resiliency in the world's top economy.

Several Fed members have lined up this week to reaffirm their intention to maintain raising rates until inflation is brought under control, even if it means risking a recession.

Observers now predict that borrowing costs will peak at roughly 4.75 percent next year, and some policymakers believe they will remain high for some years.

The threat of such restrictive monetary policy has harmed stocks, with US 10-year Treasury yields – a measure of future interest rates – reaching four percent for the first time since 2010.

The Dow and S&P 500 ended down Tuesday, though the Nasdaq enjoyed a slight uptick.

Asia resumed its downtrend Wednesday, with Hong Kong down more than three percent, while Seoul, Taipei, and Manila sank more than two percent. Tokyo, Shanghai, and Singapore were off more than one percent.

There were also losses in Sydney, Wellington, and Mumbai.

London, Paris, and Frankfurt all opened down.