Japan's benchmark Nikkei 225 stock index has fallen nearly 7% before recovering some lost ground, extending sell-offs that shook markets last week.
A currency trader works near a screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Aug. 5, 2024. – Japan’s benchmark Nikkei 225 stock index plunged 6.7% early Monday before recovering some lost ground, extending sell-offs that began last week.
A report showing hiring by U.S. employers slowed last month by much more than expected has convulsed financial markets, vanquishing the euphoria that had taken the Nikkei to all-times highs of over 42,000 in recent weeks. Hong Kong's Hang Seng index lost 2.1% to 16,945.51 and the S&P/ASX 200 in Australia declined 1.3% to 7,725.40. South Korea's Kospi declined 3.4% to 2,570.64.of at least 1% since April. The Dow Jones Industrial Average dropped 610 points, or 1.5%, and the Nasdaq composite fell 2.4% as stocks retreated around the world and back to Wall Street.
Worries over weakness in the U.S. economy and volatile markets have rippled around the world, even though the U.S. economy is still growing, and a recession is far from a certainty.benchmark interest rateThe sell-offs on Friday and Monday were among the worst ever for the index, which saw its biggest rout during the market meltdowns of Black Monday in October 1987.
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