INTERNATIONAL: The CSX Index is currently at 507.29 Points up .57 Points or 0.11%

The Daily Exchange Rate: is 4,061 KHR to the USD$

SHARES SLIDE AS SENTIMENT EBBS ON RATE FEARS, YIELDS RISE.

NEW YORK, U.S. and European stocks slid on Wednesday as the outlook for rate hikes sullied sentiment; while bond yields rose after euro-zone gross domestic product beat expectations, adding to bets of a more hawkish European Central Bank.

Trading was choppy as investors awaited an ECB meeting on Thursday and U.S. consumer price data on Friday that will highlight the dilemma they face. As central banks tighten policy to tame inflation, it could spark an economic slowdown.

The White House said it expected the headline inflation number on Friday to be "elevated." read more Economists expect annual inflation to be 8.3%.

Adding to inflation concerns was a surge in crude oil to 13-week highs, while Exxon Mobil (XOM.N) shares closed at a new record for the first time since 2014.

Investors are worried about the economic outlook and its effect on results. Citi Research analysts cautioned that Intel Corp (INTC.O) could pre-announce weaker-than-expected earnings for the second quarter. Intel's shares fell 5.3%.

The S&P 500 almost confirmed a bear market when it slid more than 20% from its record closing peak on Jan. 3 to an intraday low of 3,810.32 on May 20, but the benchmark closed higher.

The pan-European STOXX 600 index (.STOXX) fell 0.57% as concerns about growth weighed on banking shares, while MSCI's gauge of stocks across the globe (.MIWD00000PUS) fell 0.56%.

On Wall Street, the Dow Jones Industrial Average (.DJI) fell 0.81%, the S&P 500 (.SPX) lost 1.08% and the Nasdaq Composite (.IXIC) dropped 0.73%.

The yield on 10-year Treasury notes rose 6.6 basis points to 3.036%. Yields also rose on tepid demand for the sale of $33 billion in 10-year notes.

Germany's 10-year yield, the benchmark for the euro area, rose to its first new high since 2014 at 1.368%.

The euro hit a seven-year peak against the yen, getting a lift from the upward revision to first quarter growth. Against the dollar, the euro was up 0.12% to $1.0712.

Oil prices rose about 1% as U.S. crude hit a 13-week high despite a rise in domestic crude inventories, as supplies looked likely to tighten with China easing lockdowns and Norwegian oil workers planning to strike.

U.S. crude futures rose $2.70 to settle at $122.11 a barrel and Brent settled up $3.01 to $123.58 a barrel.

Gold inched up in choppy trade as concerns over economic growth boosted the metal's safe-haven appeal.

U.S. gold futures settled up 0.2% at $1,856.50.

Bitcoin fell 3.11% to $30,147.80.

Russia's economic slump will wipe out 15 years of gains

Russia's economy will shrink 15% this year and 3% in 2023 as the hit from Western sanctions, an exodus of companies, a Russian "brain-drain" and collapse in exports wipe out 15 years of economic gains, a global banking industry lobby group said.

In its report on the Russian economy following Moscow's invasion of Ukraine on Feb. 24, the Institute of International Finance (IIF) said it did not expect a ceasefire in the war and that it was likely sanctions would be expanded and tightened in the coming months.

The IIF forecasts that Russian gross fixed capital formation will contract 25% in 2022, imports 28% and exports 25%.