The Japanese yen hovered near a six-week high on Monday while Asian shares are e...
SYDNEY - The Japanese yen hovered near a six-week high on Monday while Asian shares are expected to start lower as risk assets fell out of favor on growing worries about an impending U.S. recession, sending global bond yields plunging.
Investors also kept one eye on the details of a nearly two-year U.S. investigation which found no evidence of collusion between Donald Trump’s election team and Russia, in a major political victory for the U.S. President.On Friday, all three major U.S. stock indexes registered their biggest one-day percentage losses since Jan.3 with the Dow sliding 1.8 percent, the S&P 500 off 1.9 percent and the Nasdaq dropping 2.5 percent.
“We have re-run our preferred yield curve recession models, which now suggest a 30-35 percent chance of a U.S. recession occurring over the next 10‑18 months,” said Tapas Strickland, markets strategist at National Australia Bank. Much of the concerns around global growth is stemming from Europe and China which are battling separate tariff wars with the United States. Political turmoil in Britain over the country’s exit from the European Union is also a major overhang for risk assets.
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