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Asian collapse: Asia-Pacific markets collapsed under the onslaught of recession fears


August, 05 2024
watermark Economic news

Stock indexes in the Asia-Pacific region (APR) declined sharply on Monday. Japan's Nikkei 225 fell by 12.4%, which was the highest value since October 1987.


Wall Street closed with a 1.5-2.4% decline in indices due to fears of a recession in the United States. Additional pressure on the Japanese stock index was exerted by the strengthening of the yen against the dollar, which has a bad effect on the foreign revenue of exporting companies. The yen, paired with the US currency, has jumped by 11.1% over the past month.


Concern about the economic downturn in the United States was provoked by a number of weak statistical data. In particular, the number of jobs in the American economy increased by only 114 thousand in July, and unemployment in the United States increased to a maximum of 4.3% since October 2021.


The leaders of the decline were the securities of Chiba Bank, which fell by almost 24%. Shares of Kawasaki Kisen (-22%) and Ebara Corp. also fell sharply. (-20.3%), as well as financial companies Mitsui & Co., Mizuho Financial Group and Mitsubishi UFJ Financial Group Inc. (by about 19%).


China's Shanghai Composite stock index lost 1.54%, Hong Kong's Hang Seng lost 1.46%. The South Korean Kospi index fell by 8.77%. The value of the Australian stock index S&P/ASX 200 decreased by 3.7%.


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