Middle East war could spark global recession, say Wall Street experts

Fear adds to Russia-Ukraine conflict risk and increases probability of European and of US recession'

A global recession could be set in motion by the conflict in the Middle East as the humanitarian crisis compounds the challenges facing an already precarious world economy, two of Wall Street's biggest names have warned.

The downbeat comments come as the City braces for another gloomy update on the UK economy, with the Office for National Statistics due to provide an update on how it fared during the third quarter on Friday.