Australian shares are set to follow New York lower. Oil tops $US124 a barrel. Bitcoin slides. OECD sees economic clouds. Follow updates here.
Nobel laureate economist Robert Shiller sees a “good chance” of a US recession that’s at least in part the result of a “self-fulfilling prophecy” as investors, companies and consumers grow increasingly worried about a downturn.
Shiller puts the chances of a recession sometime over the next couple of years at a “much higher than normal” 50 per cent. “The idea that we’re in a housing bubble is not so much talked about yet,” the Nobel laureate said. “But it’s starting to come back.”
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