TOKYO: Global stocks slumped to more than two-month lows in early Asian trade on Thursday, tracking the Wall Street slide as an inverted U.S. bond yield curve sent a flashing warning to investors about rising recession risks.
"The yield curves are all crying timber that a recession is almost a reality and investors are tripping over themselves to get out of the way as economic recession hurts corporate earnings and stocks can drop as much as 20per cent," said Chris Rupkey, chief financial economist at MUFG Union Bank.MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4per cent in early trade.
Economic data from China and Germany suggested a faltering global economy, hit by the worsening U.S.-China trade war, Brexit and geopolitical tensions. Oil prices shed 3per cent on Wednesday after fresh Chinese and European economic data revived global demand fears and U.S. crude inventories rose unexpectedly for the second week in a row.
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