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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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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.