A pedestrian looks at a stock indicator board of the Tokyo Stock Exchange in Tokyo on December 5, 2018. (AFP/Kazuhiro NOGI)
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Global stocks tumbled to one-week lows Wednesday, as declines by long-dated U.S. bond yields and a renewal of trade concerns stoked fears of a downturn in the United States, the world's largest economy.Global equities have been shaken by fears of a recession, fanned by the flattening U.S. Treasury yield curve – a phenomenon in which longer-dated debt yields fall faster than their shorter-dated counterparts.Such an inversion of two-year and 10-year yields, when 10-year bonds yield less than their two-year debt, has preceded every U.S. recession in the past 50 years.10-year yields are clinging to an 11-basis-point margin over the two-year, although it was the smallest one in over a decade.German 10-year yields slipped to six-month lows of 0.247 percent before rising back to 0.259 percent.
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