Asian stocks tank after US data fans recession fears
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Tokyo led a collapse across Asian equities Monday, while the yen hit a six-month high after weak US jobs data fanned fears of a recession in the world’s top economy and boosted bets on several Federal Reserve interest rate cuts. Trading boards showed a sea of red following another hefty day of losses on Wall Street, where heavyweight tech firms including Amazon and Microsoft took the brunt owing to worries an AI-fuelled rally this year may have been overdone. The US economy added just 114,000 jobs last month, well down from June and far fewer than expected, while the jobless rate rose to the highest level since October 2021. The losses in New York were followed in Asia, with Tokyo’s Nikkei tanking more than 12 percent in its worst day since the Fukushima crisis in 2011. Seoul and Taipei plunged more than eight percent each, while Singapore gave up more than four percent and Sydney more than three percent. The yen broke through 143 per dollar for the first time since January as the jobs report ramped up expectations the Fed will slash rates.
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https://www.brecorder.com/news/40315966/asian-stocks-tank-after-us-data-fans-recession-fears
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