Shares in the US had plunged after bond markets flashed recession warning signals not seen since the global financial crisis.
By 11am the FTSE 100 had fallen by 1% with Germany's DAX and France's CAC indexes erasing their earlier gains and went negative. The Europe-wide STOXX 600 was also down by nearly 1%. America's Dow Jones, Nasdaq and S&P 500 also pointed towards a poor day for markets when New York begins trading. Yields on both US and UK government debt continued to fall with interest-rates on 30-year bonds issued by both countries falling to an all-time low as investors bought and raised prices for the safe-haven asset.10-year gilt yield lower than 2-year giltsnot seen since the global financial crisis - following a slew of gloomy economic data.
The phenomenon, known as"yield curve inversion", was also seen in UK bond markets - the first time it had happened since 2008.
Source: Financial Digest (financialdigest.net)
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