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Asia markets in sell-off mode, triggered by US recession fears

Tokyo’s Nikkei 225 led the selloff, with a 12.4 per cent plunge – its worst single-day rout since the 1987 Black Monday

 Tay Peck Gek
Published Mon, Aug 5, 2024 · 08:06 PM
    • Asia’s rout arrived hot on the heels of the meltdown on Wall Street last Friday.
    • Asia’s rout arrived hot on the heels of the meltdown on Wall Street last Friday. PHOTO: REUTERS

    ASIAN markets started the trading week in a sell-off, with tickers flashing red as investors scurried for the exit, cued by last Friday’s dismal employment data from the US.

    From Tokyo to Taiwan, none in the Asia-Pacific on Monday (Aug 5) were spared the rout, sliding between 1.5 per cent and 12.4 per cent. It was a volatile trading day for many key benchmarks, with a few recovering at midday only to concede more ground after the noon break.

    The CBOE Volatility Index or the VIX – commonly regarded as the market’s “fear index” – spiked over 75 per cent during Asian trading hours on Monday.

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