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Markets slump as recession warning lights start to blink
European and US markets slumped
after new data shows Germany’s economy shrank in the second quarter, and
an inverted US bond yield curve sparked fresh recession warnings.
Stocks were down across the continent as traders fled to safe haven
assets such as gold and the Japanese yen in anticipation of an upcoming
economic storm.
The US yield curve has inverted ahead of nearly every downturn in the
country for the past 50 years, with only one false signal across the
period.
GDP data released this morning showed Germany’s economy is already
halfway to recession, after shrinking in the three months to June as
global tensions put pressure on its export driven manufacturing sector.
