Shares fall steeply in Asia as financial markets rocked by recession warnings - business live
(The Guardian World News)

Traders in the Asia-Pacific region are braced for a turbulent day after the inverted US bond yield curve sent alarm bells ringing around the world 4.13am BST The Hang Seng index has climbed into positive territory. It is now up 0.5% at 25,430 points. Losses on the Shanghai Composite are just -o.5%. What a time to be alive. Hang Seng market red to green.This is some good news & yet see no headlines or alerts#inverted pic.twitter.com/vomjqpf7nQ 4.00am BST Analysts at UBS in Sydney have given up on a near-term resolution of the US-China trade war and have downgraded their forecasts for the two big economies. It also means a downgrade for industrial commodities such as iron ore and coal, and a boost for gold.Here they are:Our investment thesis heading into the back half of 2019 was predicated on a resolution to the trade war, but unfortunately this appears to have been short lived. As a result of increased tariffs, albeit somewhat delayed, this has lead to our economists downgrading US and Chinese growth for H2 19 and 2020. In light of this we have downgraded our industrial commodity forecasts and lifted gold.Continuing trade tensions are a headwind to global growth, but could prove positive for China stimulus. Continue reading...