Asian stocks fell with Wall Street, and crude oil remained weak on Thursday, as investors weighed the risks of a global recession in the wake of aggressive Federal Reserve rhetoric and concerns over the Bank of England’s commitment to market stabilisation.

As traders anticipated U.S. consumer price inflation data that might give insight into the pace of additional Fed policy tightening, the dollar held its footing versus key rivals, while bond yields moved higher.

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The Nikkei in Japan fell 0.48%, while the Kospi in South Korea fell 1.15%. Hong Kong’s Hang Seng fell 1%, while mainland Chinese blue chips fell 0.28%.

MSCI’s broadest index of Asia-Pacific equities was down 0.57%, edging closer to Wednesday’s two-and-a-half-year low.

India’s Sensex was down 380.53 points, or 0.66%, at 57,245.38 while the Nifty fell 108.25 points, or 0.63%, to 17,015.35.

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The UK FTSE futures indicated a 0.18% drop at the open, while the German DAX futures indicated a 0.35% drop.

However, US emini stock futures provided some relief, climbing 0.1% after the S&P 500 fell 0.33% overnight.

The dollar index, which compares the US currency to six major competitors, has remained towards the middle of its range this week, trading barely changed at 113.27.

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The dollar held close to a new 24-year high against the yen, which was set overnight at 146.98 and was last changing trades at 146.81.

At the same time, the dollar was barely altered in relation to the sterling, which had recovered significantly from a two-week low of $1.0925 on Tuesday. It was last trading at $1.1088.

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Benchmark 10-year gilt yields fell from a new 14-year high of 4.632% to 4.429% on Wednesday, slightly changed from the prior session.

Meanwhile, crude oil prices remained sluggish after falling 2% on Wednesday due to demand concerns. Brent crude futures slipped 7 cents, or 0.1%, to $92.38 a barrel, while West Texas Intermediate crude fell 21 cents, or 0.2%, to $87.06 a barrel in the United States.