Global recession fears stocked as European stocks fall

European stocks fell on Wednesday as Germany’s economy went into reverse, reviving fears of global recession and tempering a rally for equities after Washington delayed tariffs on some Chinese imports.

Bond markets were also flashing warning signals of a recession. The gap between US two-year and 10-year treasury yields — a closely watched metric for signs of a slowdown — fell to less than a basis point after shrinking on Tuesday to its narrowest since June 2007. The S&P 500, which had fallen 1% on Monday, rose 1.5% overnight, sending Asian stocks outside Japan up 0.6%. Benchmarks in Shanghai, Hong Kong and Tokyo all mirrored the surge in US stocks.

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