Topline
Stock markets across Asia were hit by a massive selloff on Monday, while U.S. stock futures also tumbled after last week’s worse-than-expected U.S. jobs report triggered renewed fears of a recession.
Japanese stocks were the worst hit on Monday morning as the marquee Nikkei 225 index fell by more … [+]
Key Facts
Japan’s Nikkei 225 index was down more than 12.4% to 31,458.42 points late on Monday afternoon, while the Tokyo Stock Price Index (TOPIX) slumped more than 12.2%—making it the single worst day for Japanese stocks since 1987.
Other major global stock indexes were also hit, with South Korea’s KOSPI falling nearly 8.9%, Taiwan’s Taiex slumping 8.35%, Singapore’s STI Index down 4.7% and Australia’s ASX 200 dropping 3.7%.
The U.S. futures market was also in the red early on Monday, with Nasdaq Futures down 5% to 17,623.50 points, while S&P 500 Futures and Dow Futures fell 2.6% and 1.12% respectively.
The European markets also opened in the red on Monday with the London Stock Exchange’s FTSE 100 index down nearly 2% while the STOXX Europe 600 index fell more than 3%.
The CBOE Volatility Index, which is often referred to as the market’s fear gauge, was up 58.7% early on Monday to 37.12—it’s highest level since 2020.
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Tangent
The global market rout has also impacted cryptocurrency prices, with the price of Bitcoin falling below $50,000 on Monday before recovering to $52,778. In the past 24 hours, the world’s most valuable cryptocurrency has slumped more than 12.8%. The price of Ether slumped to $2,334, down nearly 20% in the past 24 hours.
This is a developing story.
