LONDON: European stock markets saw hefty losses on Wednesday , gripped by fears for the global economy only a day after enthusiasm over possible detente in an ongoing US-China trade war had given them a dizzying lift.
The yield on the 10-year US Treasury bond, meanwhile, briefly slid below the yield on two-year debt Wednesday, a rare phenomenon that has often been a harbinger of recession."On the economics dashboard of doom, we have another flashing warning light," said analysts at ING economics. XTB's Cheetham noted, however, that stocks were not usually in immediate trouble from bond yield inversions.Whenever yields inverted in the past 60 years, it took US stocks at least three months, or even up to 22 months, before they peaked, he said.
Shanghai managed gains despite data showing Chinese factory output expanded last month at its slowest pace in 17 years.But in European trading, Frankfurt slumped to its lowest level since March after data showed Germany's economy contracted in the second quarter, highlighting its vulnerability to trade tensions and stoking debate on higher government spending.Milan's stocks index meanwhile tumbled by nearly three per cent, a reflection of Italy navigating a political crisis.
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