TOKYO/SYDNEY - Asian stocks stumbled and oil prices extended a punishing sell-off on Thursday as investors feared an historic drop in long-term U.S. bond yields could portend a recession globally.
Yields on 10-year paper US10YT=RR dropped to 1.545%, taking them under two-year paper. Such an inversion was last seen in 2007 and correctly foretold the great recession that followed a year later. The futures market was clearly expecting drastic action as it priced in a greater chance the Fed would have to cut rates by half a point at its September meeting. FEDWATCH
That hope helped E-Mini futures for the S&P 500 ESc1 nudge 0.5% higher in late Asian trade, while the EUROSTOXX 50 STXEc1 was last traded up 0.3%, suggesting a modestly higher open for European stocks.
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