Stocks trampled, Nikkei tumbles past Black Monday milestone

A man is reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. REUTERS/Issei Kato/File PhotoWall Street looked to follow a global stock rout with Japanese shares at one point exceeding their 1987 “Black Monday” loss, as fears of a U.S. recession sent investors fleeing from risk while wagering that rate cuts would be needed to rescue growth.

. Treasury bonds were in demand, with U.S. 10-year yields last down at 3.721%, the lowest since mid-2023. Schneller noted, however, that economic data like GDP and trade remained stable while the prospect of autumn U.S. rate cuts approached. Investors will get a read on employment in the service sector from the ISM non-manufacturing survey later on Monday and analysts are expecting a rebound to 51.0 after June’s unexpected slide to 48.8.

The dollar fell by as much as 3.28% against the Japanese yen to 141.675 but had recovered to 142.675 by 1142 GMT, while the euro dived 2.3% to 156.20 yen. The single currency rose against the dollar to $1.0952.

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