Asian markets plunged Monday after a sharp sell-off on Wall Street fuelled by concerns about the global economy and a possible recession in the United States.
US and European equities went into reverse Friday as the yield on 10-year Treasury bonds fell below those for three-month notes -- the first time this had happened since before the global financial crisis in 2007. "Realistically, the European data has generally been poor for most of the year anyway, so this in itself isn't news," said OANDA senior market analyst Jeffrey Halley.
Hong Kong and Shanghai both closed two percent off, while Sydney shed 1.1 percent, Singapore dropped 1.4 percent and Seoul sank 1.9 percent.In early trade London fell 0.5 percent, Frankfurt dived 0.4 percent and Paris shed 0.9 percent. On Monday, a survey by the National Association for Business Economics found US economists were growing increasingly concerned about the US outlook, cutting their growth forecasts and warning that the chances of recession were increasing.
Source: Financial Digest (financialdigest.net)
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