MIDEAST STOCKS-Gulf stocks slide amid mounting fears of global slowdown - Reuters:
Most Middle East stock markets dropped on Thursday as
disappointing economic signals from China and Europe coupled with an inverted
U.S. bond yield curve stoked fears that the global economy was hurtling toward
recession.
Gross domestic product growth in the 19-country euro zone slowed down to
0.2% in the second quarter, from 0.4% in the first three months of the year,
while intensifying U.S. trade war sent China's industrial output growth cooling
to a more than 17-year low.
Reinforcing the looming global slowdown was the U.S. treasury bond yield
inversion, meaning rates on short-term bonds were higher than long-term yields,
which is widely seen as signalling recession.
The mounting concerns also caused oil prices to shed a further 3%, extending
the previous session's 3% drop.
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