Stocks hammered by US recession fears

HONG KONG — Tokyo led a collapse across Asian and European equities Monday, after weak US jobs data fanned fears of a recession in the world's top economy and boosted bets on several Federal Reserve interest rate cuts.Trading boards showed a sea of red following another hefty day of losses on Wall Street, where heavyweight tech firms, including Amazon and Microsoft, took the brunt over worries an AI-fuelled rally this year may have been overdone.

But the pain was not reserved only for the tech sector, with Toyota shedding 13.65 percent and HSBC off more than 5 percent.Bitcoin dived more than 10 percent as cryptocurrencies were also hammered.Markets are 'still reeling from last Friday's seismic shifts in the global financial landscape,' said Stephen Innes in his Dark Side Of The Boom newsletter.

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