After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
See which stocks are posting big moves after the bell.Market Insiderread more
Read the fine print in your Apple Card contract — one clause means you give up your right to be heard in court.Technologyread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
President Trump and Apple CEO Tim Cook have had a rocky relationship in recent years, but Trump is now complimenting the executive publicly.Technologyread more
Reps. Rosa DeLauro, D-Conn., and Lucille Roybal-Allard, D-Calif., say they sent a letter to Homeland Security and the Department of Health and Human Services seeking answers.Health and Scienceread more
* 2-yr, 10-yr Treasury yields invert for first time in 12 years
* Dow closes down 800 points, worst day of 2019
* MSCI ACWI, Nikkei slip in early trading
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
TOKYO, Aug 15 (Reuters) - Global stocks slumped to more than two-month lows in early Asian trade on Thursday, tracking the Wall Street slide as an inverted U.S. bond yield curve sent a flashing warning to investors about rising recession risks.
Yields on 10-year U.S. Treasury notes fell below the two-year yield, intra-day, for the first time since 2007, in what is known as a yield curve inversion and widely seen by investors as a sign that a recession is coming.
Asia shares sank at the open with Japan's Nikkei average tumbling 2.0% and Australian stocks falling 1.9%.
The MSCI ACWI, which incorporates readings of 49 equity markets across the world, shed 2.1% to its lowest level since June 4, while E-Mini futures for the S&P 500 lost 0.1% in early Asia.
"The yield curves are all crying timber that a recession is almost a reality and investors are tripping over themselves to get out of the way as economic recession hurts corporate earnings and stocks can drop as much as 20%," said Chris Rupkey, chief financial economist at MUFG Union Bank.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4% in early trade.
All three major U.S. indexes closed down about 3%, with the blue-chip Dow posting its biggest one-day point drop since October, major equity indices in Europe closed down 2% or near that while crude prices slumped almost 5% at one point.
Economic data from China and Germany suggested a faltering global economy, hit by the worsening U.S.-China trade war, Brexit and geopolitical tensions.
Senior U.S. officials said on Wednesday China has made no trade concessions after U.S. President Donald Trump postponed the 10% tariffs on over $150 billion worth of Chinese imports, the latest sign that efforts to reach a trade deal were going nowhere.
Major currencies were relatively calm, with the dollar index rising 0.2% and the euro adding a marginal 0.1% to $1.1144. The Japanese yen strengthened 0.1% versus the greenback at 105.83 per dollar, having firmed 0.8% on Wednesday.
Oil prices shed 3% on Wednesday after fresh Chinese and European economic data revived global demand fears and U.S. crude inventories rose unexpectedly for the second week in a row.
In early Asian trade, U.S. West Texas Intermediate (WTI) crude futures dropped 0.7% to $54.82 a barrel, having lost 3.3% in the previous session.
Gold rose over 1% on Wednesday as an inverted U.S. Treasury yield curve and weak euro zone data drove investors toward safe-haven bullion.
Spot gold stood at $1,516.55 per ounce early Thursday, flat on the day and not far from its six year high marked Tuesday.
(Reporting by Tomo Uetake; Editing by Sam Holmes)