Stocks trampled as Nikkei crashes 13%, bonds eye rapid rate cuts

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SYDNEY: Stock markets tumbled on Monday and Japanese shares plummeted a gut-wrenching 13% as fears the United States could be heading for recession sent investors rushing from risk while wagering that rapid fire rate cuts will be needed to rescue growth.

"We have increased our 12-month recession odds by 10pp to 25%," 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.

The huge drop in Treasury yields had also overshadowed the U.S.dollar's usual safe-haven appeal and dragged the currency down 0.4% on a basket of majors.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaJapanUnited States

Topics: Commodities Stocks Asia Trading /Business/Business News Equities Markets

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-05 @ 14:12:00 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 819 words

Reading Time: 5 minutes read

Sentences: 35 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21926944

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