The National on Nostr: Asian stocks slump amid mounting fears of US recession and war in Middle East ...
Asian stocks slump amid mounting fears of US recession and war in Middle East
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Asian stocks slumped on Monday as concerns of a US recession and fears of a wider war in the Middle East continue to mount. Japanese equities benchmarks took the biggest hit, with the Nikkei Index dropping more than 13.1%. Stocks in Dubai fell more than 4% during early trade. Other Asian markets, including Hong Kong, India, Taiwan, and Korea, also experienced declines. The GCC markets are reacting to the possibility of a full-blown military conflict and the rise of geopolitical tension in the Middle East. The MSCI Asia Pacific Index plunged as much as 3.8%, bringing the regional equity benchmark close to losing its gains for the year. The sell-off was accelerated by weak US job numbers, which raised fears of a recession in the US economy. The US Labor Department reported that the economy added 114,000 jobs in July, well below economists' expectations. The unemployment rate also unexpectedly rose to 4.3%, its highest level since October 2021.
#AsianStocks #UsRecession #MiddleEastWar #JapaneseEquities #GccMarkets #MsciAsiaPacificIndex #UsJobNumbers
https://www.thenationalnews.com/business/markets/2024/08/05/stocks-recession-middle-east-war/
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Asian stocks slumped on Monday as concerns of a US recession and fears of a wider war in the Middle East continue to mount. Japanese equities benchmarks took the biggest hit, with the Nikkei Index dropping more than 13.1%. Stocks in Dubai fell more than 4% during early trade. Other Asian markets, including Hong Kong, India, Taiwan, and Korea, also experienced declines. The GCC markets are reacting to the possibility of a full-blown military conflict and the rise of geopolitical tension in the Middle East. The MSCI Asia Pacific Index plunged as much as 3.8%, bringing the regional equity benchmark close to losing its gains for the year. The sell-off was accelerated by weak US job numbers, which raised fears of a recession in the US economy. The US Labor Department reported that the economy added 114,000 jobs in July, well below economists' expectations. The unemployment rate also unexpectedly rose to 4.3%, its highest level since October 2021.
#AsianStocks #UsRecession #MiddleEastWar #JapaneseEquities #GccMarkets #MsciAsiaPacificIndex #UsJobNumbers
https://www.thenationalnews.com/business/markets/2024/08/05/stocks-recession-middle-east-war/