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Stocks shaken by US recession fears, bonds price for rate cuts

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SYDNEY : Major share indices were deep in the red in Asia on Monday as fears the United States could be heading for recession triggered mass risk aversion and wagers interest rates will have to fall sharply, and quickly, to support growth.

A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan August 2, 2024. REUTERS/Issei Kato/File Photo

Two-year yields sank 50 basis points last week and could soon slide below 10-year yields, turning the curve positive in a way that has heralded recessions in the past. Investors will get a read on employment in the service sector from the ISM non-manufacturing survey due later Monday and analysts are hoping for a rebound to 51.0 after June's unexpected slide to 48.8.

The Swiss franc was a major beneficiary of the rush from risk, with the dollar near six-month lows at 0.8586 francs.

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