Stocks, oil in freefall as recession fears mount

Europe's main stock markets shed 3% heading into the close of trading

Representative image. Credit: Reuters File Photo

European stock markets and world oil prices plunged Tuesday on mounting fears that major economies will slide into recession this year as inflation soars.

Europe's main stock markets shed three per cent heading into the close of trading, while benchmark crude contract, Brent North Sea, was down almost ten per cent.