Stocks fall after China vows to take “necessary counter-measures” in its trade battle with the U.S.: “The ball seems to be in China’s court at this time and it’s beginning to spook markets,' says an analyst
• Government bond yields extend declinesGlobal stocks fell after China vowed to take “necessary countermeasures” over U.S. plans for a new tariff on Chinese imports, compounding investors’ concerns about weakness in the global economy.
Investor appetite for very long-term bonds saw strong demand for 30-year Treasurys, pushing up their prices and cutting their yields to less than 2% for the first time ever during Asian trading hours. The yield touched 1.954%, according to Tradeweb. However, Australia’s S&P/ASX 200 dropped 2.9%, its biggest drop since February 2018. The country’s big four banks all fell, as Australian government bond yields hit a new low at 0.883%. Japan’s Nikkei 225 shed 1.3%.
However, Mr. Hofer said while previous inversions often preceded recessions, the yield curve’s predictive power had been distorted by massive asset purchases, or quantitative easing, by central banks.
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