Asian stocks tank after US data fans recession fears; Japan stocks plummet

Quick Summary:

Japan's benchmark Nikkei 225 index plunged 12.4 per cent, suffering a record points loss.

The huge drop in Treasury yields had also overshadowed the US dollar's usual safe-haven appeal and dragged the currency down around 1 per cent on Friday.

"We have increased our 12-month recession odds by 10pp to 25 per cent," said analysts at Goldman Sachs in a note, though they thought the danger was limited by the sheer scope the Fed had to ease policy.

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Article Details

Category: EconomyBusiness

Markets: SingaporeJapanSouth KoreaTaiwanUnited States

Topics: Cuts Fell Index Basis Yields Markets Recession Cent Japan Points Monday

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-05 @ 07:37:00 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 996 words

Reading Time: 6 minutes read

Sentences: 38 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 21927042

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 40 posts per day

Year Established: 1999

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News Last Updated: 1 hours ago

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