Financial markets rocked by recession warnings from US, China and Germany – business live

Guardian Web |

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Good morning/evening... wherever you are in the world, welcome to the Guardian’s business live blog which is starting early today ahead of what’s expected to be a turbulent day on the financial markets.

My colleague Graeme Wearden covered all the action in the UK, Europe and the US on Wednesday and you can catch up on his blog here.

But in the meantime here are the main points:

  • Wall Street suffered huge losses after an inversion in the US bond yield curve sparked fears of an imminent recession.
  • The Dow Jones plunged 800 points, or 3%, its fourth largest decline in history. The S&P500 and Nasdaq were also down heavily.
  • Fears were compounded by GDP figures in Germany pointing to a recession there and data in China showing industrial production was down 17% in July.
  • The numbers sent European markets down, with the FTSE100 off more than 100 points.
  • Oil slumped on fears of a global downturn.
  • Donald Trump lashed out at Fed chairman Jerome Powell, calling him “clueless”.

Here’s our news wrap of yesterday - and I’ll have today’s opening scores in a few minutes whehn trading starts in Sydney.

Related: Markets spiral downwards on fears of German recession

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