City AM – Freefall: Global markets tank as fears of US recession grows
City AM’s lead story reports “Market panic over a US recession has reached a new high after a raft of poor economic data out of the country, sending stocks tumbling across the world.
“The S&P 500 fell 1.4 per cent yesterday and is down more than three per cent over the last three weeks, while the Nasdaq slumped 2.3 per cent and the smallcap Russell 2000 declined three per cent.
“Japan was hit most by the fears, with the Nikkei index down 5.8 per cent, its worst performance since March 2020, while the wider Japanese Topix fell 6.1 per cent.
“China’s Shanghai Stock Exchange index has dropped one per cent, while Australia’s ASX 200 fell over two per cent.”
