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Asian Stocks Routed And U.S. Futures Slump Amid Reignited Fears Of Economic Slowdown

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Dow Futures,Nikei 225,Stock Market Rout

Siladitya Ray is a reporter on the Forbes news team who covers major world news stories breaking overnight with a focus on technology and online platforms. He joined Forbes in 2020 and works in New Delhi.

Stock markets across Asia were hit by a massive selloff on Monday, while U.S. stock futures also tumbled after last week’s worse-than-expected U.S. jobs report triggered renewed fears of a recession.Japan’s Nikkei 225 index was down more than 12.4% to 31,458.42 points late on Monday afternoon, while the Tokyo Stock Price Index slumped more than 12.

Other major global stock indexes were also hit, with South Korea’s KOSPI falling nearly 8.9%, Taiwan’s Taiex slumping 8.35%, Singapore’s STI Index down 4.7% and Australia’s ASX 200 dropping 3.7%. The U.S. futures market was also in the red early on Monday, with Nasdaq Futures down 5% to 17,623.50 points, while S&P 500 Futures and Dow Futures fell 2.6% and 1.12% respectively.

The European markets also opened in the red on Monday with the London Stock Exchange’s FTSE 100 index down nearly 2% while the STOXX Europe 600 index fell more than 3%. The CBOE Volatility Index, which is often referred to as the market’s fear gauge, was up 58.7% early on Monday to 37.12—it’s highest level since 2020.We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” toThe global market rout has also impacted cryptocurrency prices, with the price of Bitcoin falling below $50,000 on Monday before recovering to $52,778.

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