Stocks and oil slide on rekindled recession worries

Wall Street futures were pointing down 0.3%, while Benchmark 10-year U.S. Treasury yields , which tend to drive global borrowing costs and fall when bond prices rise, hit their lowest since September.

"We actually think that the recession and the corporate earnings season that we are just at the start of ... are going to weigh on the markets," Close Brothers Asset Management Chief Investment Officer Robert Alster said. In the currency markets, the yen rose 0.7% to 127.95 per dollar, unwinding some of its drop the previous day when, to the surprise of markets, the Bank of Japan stuck firmly to its approach of ultra-low interestThe BOJ has pursued super-easy policy settings for decades in an attempt to generate inflation and growth, but there are doubts it can keep that up, and traders have been selling Japanese government bonds and buying yen to bet on a shift.

April was another possibility, she added, since by then the BOJ would have a new governor. "My guess would be that more speculators would look to build positions going into these meetings."

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