Following staggering drops in Japan’s Nikkei and Bitcoin, European banks are tumbling to March lows © Getty Images / peshkov
Stock markets went into a meltdown on Monday amid fears that the US could be heading for a recession, pushing investors into panic-selling mode, market data shows.
The US has seen an unexpected rise in the unemployment rate, according to July payrolls report unveiled on Friday. This led to markets betting on the Federal Reserve cutting rates in September by a full 50 basis points, and sparked debate among economists about the overall health of the US economy, with its enormous influence in the global financial market.
US stocks closed sharply down on Friday, with the technology-heavy Nasdaq Composite falling into correction, but Monday kicked off with new drops.
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05 August 2024
08:10 GMT
Indian stock market benchmarks, the Sensex and the Nifty 50, saw a heavy sell-off early on Monday, declining over 3% each in intraday trading. Analysts have blamed US recession fears and rising tensions in the Middle East.
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08:10 GMT
Bitcoin’s price has dropped below $50,000 for the first time since February this year, as the effects of the global stock market turmoil are leaking into the cryptocurrency market. It touched a low of $49,351 in early Monday trading, and while it bounced back above the $50,000 threshold, it was still down 13% for the day at 08:00 GMT.
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08:10 GMT
Japanese Nikkei tumbled a staggering 13% in early Monday trading, hitting seven-month lows. Investors say the index has not seen such losses since the 2011 global financial crisis. (RT)
