Currency traders react near a screen showing the Korea Composite Stock Price Index , top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea on Tuesday, Aug. 6, 2024.
The drops were the latest in a global sell-off that began last week, and it was the first chance for traders in Tokyo to react to Friday’s report showing US employers slowed their hiring last month by much more than economists expected. That was the latest piece of data on the US economy to come in weaker than expected, and it’s all raised fear the Federal Reserve has pressed the brakes on the US economy by too much for too long through high interest rates in hopes of stifling inflation.
Taiwan’s Taiex was up 1.2 percent after plunging 8.4 percent the day before. The Shanghai Composite index, largely bypassed by Monday’s drama, was up just over 1 point, at 2,861.87. Some of Wall Street’s recent declines may simply be air coming out of a stock market that romped to dozens of all-time highs this year, in part on a frenzy around artificial-intelligence technology. Critics have been saying for a while that the stock market looked expensive after prices rose faster than corporate profits.
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