The gloomy sentiment in Asia markets after a sell-off on Wall Street in Thursday's trading session, which saw all three major U.S. indexes plunge on recession fears.
Other indexes also seem set for a pullback as U.S. traders sold off stocks due to recession fears.nosedived over 4% on its open, with most Asia-Pacific markets set to drop after a sell-off on Wall Street overnight.
The Nikkei extended its 2.62% slide on Thursday to lead losses in the region. The Topix also plunged more than 4%.came in slightly higher than expected, with the country's consumer price index climbing 2.6% year on year, compared to the 2.5% expected by economists polled by Reuters. The gloomy sentiment in Asia markets comes after a sell-off on Wall Street in Thursday's trading session, which saw all three major U.S. indexes plunge on recession fears.
In the U.S., fresh data stoked fears over a possible recession and apprehensions that the Federal Reserve could be too late in cutting interest rates. Initial jobless claims rose the most since August 2023. The ISM manufacturing index, a barometer of factory activity in the U.S., came in at 46.8%, worse than expected and signaling economic contraction.
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