Global markets experienced a sharp decline of 10 percent on Monday as fears of a US recession and economic slowdown intensified. The financial markets were significantly impacted, with major Asian markets bearing the brunt of the selling pressure. Japan’s stock market plummeted by 10 percent, marking one of the steepest declines. Similarly, Seoul’s market tumbled over 8 percent, while Taipei saw a drop of 4.43 percent. Jakarta’s market fell by nearly 2 percent, highlighting the widespread impact of the economic concerns.
Hong Kong and Shanghai were also affected, though to a lesser extent, with decreases of 1.43 percent and 0.83 percent respectively. The pervasive selling across these markets underscores the global financial community’s anxiety over the potential repercussions of a US economic downturn. Investors are bracing for the possibility of prolonged economic challenges, leading to a cautious and risk-averse stance in trading activities. This collective market response reflects the uncertainty and apprehension surrounding the future economic landscape.
