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
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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