Asian stocks slump as US recession fears grip markets

Australian treasury yields hit a record low in a grim portent for the economy, while the Nikkei falls 3% in wider share selloff

Shares in Asia Pacific have slumped after a key market indicator flashed an "amber warning" that the United States could be heading for a recession.

Bond yields also continued to fall across the world with Australian 10-year treasury yields falling to a record low on Monday of 1.756% in what analysts see as a strong indicator of a downturn hitting the resource-rich country.

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Japan 10Y yields collapse further into negative territory pic.twitter.com/UViHgcb3dS

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Bond futures: A closely watched measure of the yield curve briefly inverted Friday - with the yield on the 10-year Treasury note falling below... https://t.co/uJKcXpyxN0

Aussie yields collapsing - 10 year bond opened below 1.8% for the first time on record, hit record low 1.762%

Australian 2-5 Years Yield curve inverted by 1bp pic.twitter.com/ZNCnN77bXW