The sell-off in global stocks deepened amid growing concerns about the US economy. US stock futures fell as circuit breakers tripped in Asia.
The morning of Monday, August 5, began with a fall in the Japanese stock market and the reaction of world quotations to Asian trade. The operational situation is monitored by Bloomberg, according to which the Ukrainian publication Economic Truth has collected the latest important facts.
The sell-off in global equities is reportedly deepening amid growing concerns about the US economy. US stock futures fell as circuit breakers hit Asia, followed by European stocks, with the Stoxx 600 index down 2%.
As mentioned, markets are increasing bets that central banks will cut rates. US Big Tech Shares Fall: Major US Companies Fall on German Tradegate; Nvidia fell 17% on the stock exchange. Other leaders include: Apple -10%, Microsoft -9%, Alphabet -9.6%, Amazon -9.3%, Meta -10% and Tesla -10%.
The situation in Asia, according to Bloomberg, is as follows:
The Japanese currency fell about 3.3% to 141.70 per dollar, a level not seen since January. That sent shockwaves through Asian currency, stock and bond markets and increased volatility following disappointing US jobs data on Friday.
Japan’s Topix stock index fell 12.2%, its worst day since 1987, as Treasury bonds and Japanese government debt rose on investor concerns.
The MSCI Asia Pacific index fell 4.3%, erasing gains in 2024. TSMC, Samsung Electronics, Toyota and Mitsubishi UFJ Financial, some of the region’s biggest companies, accounted for more than a third of the index’s decline.
Japan’s two-year Treasury yields fell eight basis points. Japan’s 10-year government bond yield fell 16 basis points.
Among stock indexes, Nasdaq 100 futures fell more than 6.5% in Asian trading this morning, while S&P 500 and Euro Stoxx 50 futures fell 3%. As of 11 a.m., Nasdaq futures are starting to fall to session lows, still down 4% after losing 6.5%. A 4% decline in the Nasdaq 100 Index during the cash session would send the benchmark toward a key support level: the 200-day moving average. The index has not traded below this level since March 2023.
The sell-off continues in European markets, although not as fast as in Asia. By Monday morning, the Stoxx Europe 600 was down 2%, the FTSE 100 index was about the same. The Stoxx Tech Index fell nearly 5% to its lowest level in six months.
Cyclical sectors – banks, energy and mining stocks – also suffered significant losses. Indices of consumer staples and food stocks companies held up better.
It was previously reported that the Bitcoin rate continues to fall rapidly. The day before it was said that the price of Bitcoin fell below the psychological level of $60,000, and today it fell below $50,000.
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.