{"id":67053,"date":"2024-08-02T16:05:18","date_gmt":"2024-08-02T06:05:18","guid":{"rendered":"https:\/\/www.icmarkets-vnf.com\/blog\/?p=67053"},"modified":"2024-08-02T16:05:19","modified_gmt":"2024-08-02T06:05:19","slug":"friday-2nd-august-2024-global-markets-react-to-wall-street-sell-off-amid-recession-concerns","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnt.com\/blog\/friday-2nd-august-2024-global-markets-react-to-wall-street-sell-off-amid-recession-concerns\/","title":{"rendered":"Friday 2nd August 2024: Global Markets React to Wall Street Sell-Off Amid Recession Concerns"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei down 5.72%, Shanghai Composite down 0.62%, Hang Seng down 2.39% ASX down 2.18%<\/li>\n\n\n\n<li>Commodities : Gold at $2509.35 (1.17%), Silver at $28.98 (1.95%), Brent Oil at $80.13 (0.87%), WTI Oil at $76.99 (0.82%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.955, UK 10-year yield at 3.884, Germany 10-year yield at 2.228<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">News &amp; Data:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(USD) Unemployment Claims&nbsp; 249K vs 236K expected<\/li>\n\n\n\n<li>(USD) ISM Manufacturing PMI&nbsp; 46.8 vs 48.8 expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Japan&#8217;s benchmark indexes fell up to 5% on Friday, with most Asia-Pacific markets following a Wall Street sell-off due to recession concerns. The Nikkei extended its 2.62% decline from Thursday, hitting its lowest level since February, and later trimmed losses to trade at 4.56%. Topix also pared losses to 4.47%. Significant stock declines included Softbank Group, down over 5%, while Mitsui and Marubeni lost over 8% and 6%, respectively. Tokyo Electron dropped more than 9%. Japanese government bond yields fell, with the 10-year JGB yield dropping below 1%.<\/p>\n\n\n\n<p>In South Korea, the Kospi tumbled 3.19%, mainly due to banking stock losses, while the small-cap Kosdaq plunged 3.46%. However, K-pop stocks defied the trend, led by Hybe, which announced a new business strategy on Thursday. Australia&#8217;s S&amp;P\/ASX 200 declined 2.18%, retreating from its all-time high. Hong Kong&#8217;s Hang Seng index fell 2%, while mainland China&#8217;s CSI 300 saw the smallest loss in Asia, down 0.66%. South Korea&#8217;s July inflation numbers were slightly higher than expected, with the consumer price index rising 2.6% year-on-year, compared to the 2.5% forecast by economists polled by Reuters.<\/p>\n\n\n\n<p>The negative sentiment in Asian markets followed a Wall Street sell-off on Thursday, where all three major U.S. indexes dropped amid recession fears. The Dow Jones Industrial Average fell 1.21%, the S&amp;P 500 lost 1.37%, and the Nasdaq Composite declined 2.3%. The Russell 2000 index, which had recently rallied, dropped 3%. U.S. initial jobless claims rose the most since August 2023, and the ISM manufacturing index signaled economic contraction at 46.8%.<\/p>\n\n\n\n<p>Following this data, the 10-year Treasury yield dropped below 4% for the first time since February. The global market sentiment reflects heightened economic uncertainty, with investors closely monitoring central bank actions and economic indicators.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>12:30 PM GMT &#8211; USD Average Hourly Earnings m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Non-Farm Employment Change<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Unemployment Rate<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Japan&#8217;s benchmark indexes fell [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":65025,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[339],"tags":[],"class_list":["post-67053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/posts\/67053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/comments?post=67053"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/posts\/67053\/revisions"}],"predecessor-version":[{"id":67058,"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/posts\/67053\/revisions\/67058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/media\/65025"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/media?parent=67053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/categories?post=67053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnt.com\/blog\/wp-json\/wp\/v2\/tags?post=67053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}