ASIA STOCKS TUMBLE ON GLOBAL BOND SELL OFF FEARS RECESSION
Asia stocks plummet following Wall Street as the investors sentiments goes fearful about global recession as the main yield curve in U.S. Treasury’s inverted. Further the central bank in china set reference for the yuan at 7.0268 per dollar on today lower than analysts’ expectations.
CHINA’S NEW HOME PRICES REBOUNDS HOWEVER MOMENTUM SLOWS DOWN
In the latest data row China new home prices instill some faith in the otherwise flattering economy .The data suggest prices rose in July although momentum slows down in some markets as persistent curbs hit speculative investment.
OIL PRICES STRUGGLE TO MAINTAIN ABOVE $55
Oil prices fell in Asian trade today adding to sharp losses in late US trading session as U.S. crude inventories unexpectedly rose .
EUROPEAN STOCK STUMBLE ON ZONE LARGEST ECONOMY DISMAL PERFORMANCE
Europe stocks hammered on Wednesday as the investors were being fearful after Germany data showcase the zone largest economy contracted and Eurozone industrial production readings came lower. The Stoxx Europe 600 SXXP was sharply down by -1.68% .The U.K. FTSE was down by -1.42% , the German DAX is lower by 2.19% and the French CAC 40 tumbled 2.22% .
BANK OF ENGLAND WARNS RECESSION AS SIGNALS BONDS YIELD CURVE
The UK is under the biggest recession warning as the yield curve inversion a sign of economic contraction. The yield on 10 year government debt fell below 2 levels for the first time since 2008.
US EQUITY CLOSED ON WEAK NOTE CONCERN OVER SLOWDOWN ECONOMIC GROWTH
U.S. stocks were closed lower on Wednesday on the back of 10-year Treasury & 30-year yield rate slid below to the lowest on record. The Dow Jones Industrial Average DJIA, -3.05% fell 800.49 points, or 3.05%, to 25,479.42, while the S&P 500 index SPX, -2.93% shed 85.72 points, or 2.93%, to 2,840.60 and the Nasdaq Composite COMP, -3.02% lost 242.42 points, or 3.02%, to 7,773.94.
US BOND MARKET WARNS ON RECESSION
On Wednesday, the U.S. Treasury bond yield curve inverted for the first time since 2007, which hinting world’s biggest economy has open doors for recession. Apart from global political doldrums, the economic data from China and Germany suggested a slowing global economy.
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