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Asian stocks tumble, bonds rally as U.S. recession risk flashes 'amber'
SYDNEY (Reuters) - Investors dumped shares on Monday and fled to the safety of bonds while the Japanese yen hovered near a six-week high as risk assets fell out of favour on growing worries about an impending U.S. recession, sending global yields plunging.
U.S. stocks futures turned negative in early Asian trading with E-minis for the S&P 500 skidding 0.5 percent. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.6 percent to a one-week low. Japan's Nikkei tumbled 2.9 percent, South Korea's Kospi index declined 1.5 percent while Australian shares faltered 1.3 percent.
On Friday, all three major U.S. stock indexes registered their biggest one-day percentage losses since Jan.3 with the Dow sliding 1.8 percent, the S&P 500 off 1.9 percent and the Nasdaq dropping 2.5 percent.
Concerns about the health of the world economy heightened last week after cautious remarks by the U.S. Federal Reserve sent 10-year treasury yields to the lowest since early 2018.
Adding to the fears of a more widespread global downturn, manufacturing output data from Germany showed a contraction for the third straight month. And in the United States, preliminary measures of manufacturing and services activity for March showed both sectors grew at a slower pace than in February, according to data from IHS Markit.
In response, 10-year treasury yields slipped below the three-month rate for the first time since 2007. Historically, an inverted yield curve - where long-term rates fall below short-term - has signalled an upcoming recession.
Oil prices slide on concerns of sharp economic slowdown
SINGAPORE (Reuters) - Oil prices kicked off the week's trading with losses as concerns of a sharp economic slowdown outweighed supply disruptions from OPEC's production cutbacks and U.S. sanctions on Iran and Venezuela.
Brent crude oil futures were at $66.79 per barrel at 0022 GMT, down 29 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) futures were at $58.44 per barrel, down 65 cents, from their last settlement.
https://www.marketscreener.com/news/Oil-prices-slide-on-concerns-of-sharp-economic-slowdown–28230536/?countview=0
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
it's just the start but they don't know what they don't know.