Asian Markets A Sea Of Red
(RTTNews) - Asian stock markets are a sea of red on Monday, following the broad sell-off in the global markets on Friday, as traders react to weak U.S. monthly jobs data and recent weak data on US manufacturing activity that stocked fears the world's largest economy could slip in
(RTTNews) - Asian stock markets are a sea of red on Monday, following the broad sell-off in the global markets on Friday, as traders react to weak U.S. monthly jobs data and recent weak data on US manufacturing activity that stocked fears the world's largest economy could slip into a recession after the US Fed seems to have waited too long to cut interest rates. Markets in Japan, South Korea and Taiwan are plunging more than 5 percent. Asian markets closed mostly lower on Friday.
The unexpected increase in the unemployment rate reached its highest level since hitting 4.5 percent in October 2021.
The Australian stock market is currently trading sharply lower on Monday, adding to the sharp losses in the previous session, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling almost 3 percent to stay just above the 7,700.00 level, with weakness across all sectors led by energy, financial and technology stocks.
The benchmark S&P/ASX 200 Index is losing 209.70 points or 2.64 percent to 7,733.50, after hitting a low of 7,695.20 earlier. The broader All Ordinaries Index is down 220.80 points or 2.70 percent to 7,949.60. Australian stocks closed sharply lower on Friday.
Among the major miners, Rio Tinto and Mineral Resources are losing more than 1 percent each, while BHP Group and Fortescue Metals are declining more than 2 percent each.
Oil stocks are weak. Beach energy and Santos are slipping almost 4 percent each, while Woodside Energy is declining 2.5 percent and Origin Energy is losing almost 3 percent.
Among tech stocks, Appen, Xero and WiseTech Global are declining almost 5 percent each, while Afterpay owner Block is plunging more than 9 percent and Zip is sliding almost 9 percent.
Gold miners are mostly lower. Newmont and Evolution Mining are losing almost 4 percent each, while Resolute Mining is declining almost 7 percent, Northern Star Resources is down almost 3 percent and Gold Road Resources is slipping more than 3 percent.
