Anyone looking for a bright spot in the recession might have pointed to a reading Tuesday of the nation's office workers, retailers and other service industries, which contracted at a slower-than-expected pace in December.

Ukrainian officials said Wednesday that Russia had cut off all gas supplies through pipelines crossing Ukrainian territory, the latest move in a devastating pricing dispute between the two neighbors that has already left a number of countries without gas.

Oil prices dipped below $48 a barrel Wednesday in Asia as investors weighed tensions in the Middle East and more bad U.S. economic news suggesting slowing crude demand.

Asian stocks extended their New Year's rally Wednesday, with Japan's index up nearly 2 percent, on hopes that stimulus measures from a new U.S. administration would help speed the world's economic recovery.

Oil prices were steady above $48 a barrel Wednesday in Asia as investors juggled tensions in the Middle East and more bad U.S. economic news suggesting slowing crude demand.