Asian markets plummeted in early trading Monday, amid heightened recession worries.
On Friday, the closely watched yield curve inverted, a key indicator of a potential U.S. recession. That sent global bonds yields plunging. Weak economic data from Europe added to fears of a global economic slowdown.
Japan’s Nikkei NIK, -3.24% tumbled more than 3% on Monday. Hong Kong’s Hang Seng Index HSI, -1.66% fell 1.7%, while the Shanghai Composite SHCOMP, -1.04% slid 0.9%. South Korea’s Kospi SEU, -1.62% sank 1.6%, and benchmark indexes in Taiwan Y9999, -1.42% , Singapore STI, -1.18% and Indonesia JAKIDX, +0.36% dropped as well. Australia’s S&P/ASX 200 XJO, -1.32% was off 1.2%.
Wall Street, which posted losses around 2% on Friday, looked set to continue losses Monday — Dow futures YMM9, -0.40% were last down more than 100 points, and S&P 500 futures ESM9, -0.46% and Nasdaq futures NQM9, -0.76% were sinking as well.
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