Global stock markets mostly lower after Wall Street falls on recession fears.
People are reflected in a window as they walk past the Australian Stock Exchange in Sydney, Thursday, Aug. 15, 2019. Asian stock markets followed Wall Street lower on Thursday after the Dow Jones Industrial Average plunged on mounting fears of a possible recession.
U.S. investors dumped stocks Wednesday, sending the Dow Jones Industrial Average into its biggest one-day drop of the year, after the yield on 10-year Treasury bonds crossed a threshold that has correctly predicted many past recessions. Australia’s S&P-ASX 200 fell 2.8% to 6,408.10. Markets in Taiwan, New Zealand and Southeast Asia also retreated.On Wall Street, the S&P 500 fell 2.9% on Wednesday and the Dow sank 800.49 points, or 3%. The Nasdaq composite also lost 3%.
Traders tend to shift money to the safety of U.S. government bonds when they’re fearful of an economic slowdown. That causes the market price to rise and yields — the difference between the current price and the payout when the bond matures — to shrink. Each of the last five times the two-year and 10-year Treasury yields have inverted, a recession has followed.
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