Stock markets plunge on US recession fears

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The story "Stock markets plunge on US recession fears" was covered 7 hours ago by Channel News Asia, a news publisher based in Singapore.

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Stock markets plunge on US recession fears - Channel News Asia

Quick Summary:

Wall Street stocks deepened their losses Monday (Aug 5) and Tokyo had its worst day in 13 years as panic spread across trading floors over fears of recession in the United States.

The market meltdown was triggered by a weak US jobs report on Friday which showed the unemployment rate reached its highest since October 2021.

"Aside from ongoing worries about a US recession, the continuation of the pressure on markets has been attributed to the unwinding of the yen carry trade and geopolitical fears surrounding an expected Iranian military retaliation against Israel after Israel killed a high-ranking Iranian military official," said Briefing.com analyst Patrick O'Hare.