A man stands in front of an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan. REUTERS/KIM KYUNG-HOON
Japan’s Nikkei tumbled 3.2% to the lowest in two weeks, South Korea’s Kospi index declined 1.6% while Australian shares faltered 1.3%.On Friday, all three major US stock indexes clocked their biggest one-day percentage losses since January 3. The Dow slid 1.8%, the S&P 500 was off 1.9% and the Nasdaq dropped 2.5%.
“The bond market price action is an enormous blaring siren to anyone trying to be optimistic on stocks,” JPMorgan analysts said in a note to clients. National Australia Bank’s yield curve recession modelling is pointing to a 30%-35% probability of a US recession occurring over the next 10-18 months. Some analysts, such as ING’s Rob Carnell, advised against rushing to place bets on the yield inversion.
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