LONDON: Stock markets slumped on Wednesday as Germany's economy went into reverse, fuelling fears of global recession and slamming the brakes on a rally for equities after Washington delayed tariffs on some Chinese imports.
The gap between U.S. two-year and 10-year Treasury yields - a metric closely watched for signs of a slowdown - inverted for the first time since 2007, raising the specter of a global recession."The telling thing is that there is a delayed effect - traditionally you see a one-to-two-year lag before a recession. You could see it next year," said Neil Wilson, chief markets analyst at Markets.com.
The German figures - along with data showing the slowest growth for Chinese industrial output in 17 years that indicated faltering demand in the world's second-largest economy - knocked the wind out the sails for stocks and gave rise to the angst over a slowdown.Equity investors on Wall Street and in Asia had cheered earlier when U.S. President Donald Trump pushed back to December a Sept. 1 deadline for new tariffs on remaining Chinese imports.
"The trade war and the dispute between U.S. and China has already had an impact - especially when you look at countries most sensitive to global trade like Germany and even Italy," said Christophe Barraud, chief economist and strategist at Market Securities in Paris.
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Singapore stocks: STI resumes Wednesday afternoon at 3,156.81, up 0.3% on dayTHE local equities market, like its global peers, faced a relief rebound on Wednesday on news that Washington delayed tariffs on certain Chinese imports. While China's data dump for July disappointed, sentiment was little dented for market participants who have had to contend with recent political and economic worries. Read more at The Business Times.
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