Recession fears no reason for RBA rate cut

Nobody can say for sure where the bearish panic on global markets and rush into safe-harbour bonds will end. The big falls continued on Australia’s bourse on Monday, with the ASX down 5.7 per cent in the past two days from the record high reached in mid-July.

Yet it remains a long bow to suggest the sell-off by rattled investors heralds a hard landing in the US economy and a global recession.