Asian equities plummeted and global stocks edged lower after warnings in the bond market about global growth and a looming US recession.
Global stocks are tumbling as fears of a US recession reached new highs on the back of consistent bond market warnings.European markets are following the slump as concerns about global growth batter investors.US futures are pointing down after Asian equities plummeted following a yield curvelast Friday, which signalled the bond market's increasing concern about global growth and US recession.
Weaker industrial data out of Germany and dovish moves by the Federal Reserve last week have also dampened sentiment. Investors saw the inversion of the three month to 10 year year US Treasury yield curve on Friday, the first since 2007, as a flashing light on global recession which prompted a broader run on equities.
"European markets are taking their orders from the US selloff on Wall Street on Friday, with a sea of red across the board on Monday," according to Neil Wilson, chief market analyst at Markets.com.dropped 2% Monday while Japan's Nikkei plunged 3% as the country's economy struggles through global economic headwinds.down 0.6% while the Dow and S&P 500 are both 0.3% lower respectively, as of 8.40 a.m in London .down 0.4%.
"Global stocks have taken a battering in the last couple of sessions as bond yields have sunk across the board. The slide in yields last week was a red flag for equities; the bond market loudly proclaiming that it's not confident about the growth outlook," added Wilson.
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