Fears of US recession sparks slide for European shares

Goldman Sachs now estimates a 35% probability of a US recession in the next two years.

A trader sits at his desk at the Frankfurt Stock Exchange. File Picture: Thomas Lohnes/Getty Images

European stock markets joined in a wave of selling, sparked by recession fears in the US and elsewhere. 

Fears of recession in major economies sent investors fleeing to the safety of gold as a haven of value and into eurozone government bonds, that helped push the yield on the Irish 10-year bond down to below 1.6%, and the German 10-year yield back below 1%.