(Reuters) -Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Asian stocks fell to an almost two-year low and the dollar rose to multi-year highs on Thursday as data showed U.S. inflation persistently hot, deepening investor worries about the economic toll of aggressive interest rate hikes to tame it.

The dollar hit a two-decade high on Thursday after U.S. inflation moderated less than markets had expected, keeping the Federal Reserve on course to tighten policy aggressively.

MANILA (Reuters) -Newly-elected Philippine President Ferdinand Marcos Jr. will inherit an economy that has strongly bounced back from the COVID-19 pandemic when he takes office in June, but soaring food and fuel costs will need to be addressed quickly.

Asian stocks fell to an almost two-year low and the dollar hit its highest in two decades on Thursday as data showed U.S. inflation persistently hot, deepening investor worries about the economic toll of aggressive interest rate hikes to tame it.

Japan's service sector sentiment index rose in April for a second month, a Cabinet Office survey showed on Thursday.