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- Man Utd battling to improve fortunes, says Evans
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- Masood, Abdullah centuries lift Pakistan to 328-4 in first England Test
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- Trump to open second golf course at Scotland resort in summer 2025
- Super-sub Jhon Duran rewarded with new Aston Villa deal
- US duo win Nobel for gene regulation breakthrough
- Masood hits first ton for four years to power Pakistan to 233-1
- Fritz wins delayed match to reach Shanghai Masters third round
- Naomi Osaka pulls out of Japan Open with back injury
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Artist Marina Abramovic hopes first China show offers tech respite
- Asian markets track Wall St rally on US jobs data
- Pakistan 122-1 at lunch in first England Test
- Kazakhs approve plan for first nuclear power plant
- World marks anniversary of Oct. 7 attack on Israel
- 'Second family': tennis stars hunt winning formula with new coaches
- Philippines, South Korea agree to deepen maritime cooperation
- Mexico mayor murdered days after taking office
- Sardinia's sheep farmers battle bluetongue as climate warms
- Japan govt admits doctoring 'untidy' cabinet photo
- Israel marks first anniversary of Hamas's October 7 attack
- Darvish tames Ohtani as Padres thrash Dodgers
- Asian markets track Wall St rally on jobs data
- Family affair as LeBron, Bronny James make Lakers bow
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- As Great Salt Lake dries, Utah Republicans pardon Trump climate skepticism
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- Mourners pay tribute to latest victims of deadly Channel crossing
- Tunisia incumbent Saied set to win presidential vote: exit polls
- Phillies win thriller to level Mets series
- Yu bags first PGA Tour win with playoff win
- PSG held by Nice to leave Monaco clear at top of Ligue 1
- AC Milan fall at Fiorentina after De Gea's penalty heroics
- Lewandowski treble for leaders Barca as Atletico held
- Fresh Israeli strikes hit south Beirut
- Sucic stunner earns Real Sociedad draw against Atletico
- PSG draw with Nice, fail to reclaim top spot in Ligue 1
- Gudmundsson downs AC Milan after De Gea's penalty heroics for Fiorentina
- 'Yes' vote prevails in Kazakhstan nuclear plant vote: TV
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- Lewandowski hat-trick powers Liga leaders Barca to Alaves victory
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CMSC | -0.02% | 24.695 | $ | |
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Tokyo spearheads equities selloff on US recession fears
Tokyo tanked Friday as it led losses across Asia due to a stronger yen and expectations for more Japanese rate hikes, with equities also slammed after weak data sparked fears of a US recession and a plunge on Wall Street.
The anguish spilled over into Europe with Frankfurt, London and Paris sliding before key US non-farm payrolls data, which will give a clearer snapshot of the world's biggest economy.
"The market is currently scared that the US economy is slowing faster than had been expected and the tone of the US payrolls report will be key in either soothing or accentuating these fears," Rabobank analyst Jane Foley told AFP.
The optimism that greeted Federal Reserve boss Jerome Powell's indication on Wednesday that borrowing costs could be cut in September has given way to trepidation that the US slowdown might be more pronounced than previously thought.
The Fed has for months been looking for confirmation that inflation is well on the way down and the labour market is softening, while at the same time trying to avoid a sharp plunge in business activity. It has largely been confident in achieving a "soft landing".
But news Thursday that the US factory sector shrunk faster than forecast in July -- and for the fourth consecutive month -- raised eyebrows. That came as another report showed the private sector created far fewer jobs than expected in July -- and many fewer than in June.
The private sector added 122,000 jobs in July, down from June's revised 155,000 figure, while unemployment claims also spiked more than anticipated.
That dealt a blow to investors, who are also dealing with a disappointing earnings season from Big Tech, a key driver of the global rally that has helped push many markets to multiple record highs this year.
US chip titan Intel became the latest bearer of bad news, warning it would slash more than 15 percent of its workforce -- about 18,000 jobs -- as it streamlines operations. The firm reported a loss of $1.6 billion in the recently ended quarter.
All three main indexes tumbled in New York on Thursday, with the Nasdaq more than two percent off.
Asia fared just as poorly on Friday with tech taking the brunt of the selling.
The Nikkei 225 tanked 5.8 percent -- its biggest drop since the start of the pandemic four years ago -- owing to a stronger yen, which hits Japan's key export sector.
Hong Kong and Sydney were off more than two percent, Seoul gave up more than three percent and Taipei shed more than four percent, with losses also in Shanghai, Mumbai, Bangkok, Singapore and Jakarta.
Wednesday's decision by the Bank of Japan to hike interest rates for the second time in 17 years -- and talk of another to come -- strengthened the yen to its best level since March.
The pound extended losses against the greenback, a day after the Bank of England cut its main interest rate for the first time since the Covid pandemic broke out in 2020.
- Key figures around 1050 GMT -
London - FTSE 100: DOWN 0.6 percent at 8,232.83 points
Paris - CAC 40: DOWN 1.0 percent at 7,300.50
Frankfurt - DAX: DOWN 1.6 percent at 17,793.52
Euro STOXX 50: DOWN 1.8 percent at 4,680.21
Tokyo - Nikkei 225: DOWN 5.8 percent at 35,909.70 (close)
Hong Kong - Hang Seng Index: DOWN 2.1 percent at 16,945.51 (close)
Shanghai - Composite: DOWN 0.9 percent at 2,905.34 (close)
New York - Dow: DOWN 1.2 percent at 40,347.97 (close)
Dollar/yen: DOWN at 148.80 yen from 149.66 yen on Thursday
Euro/dollar: UP at $1.0819 from $1.0750
Pound/dollar: UP at $1.2736 from $1.2735
Euro/pound: UP at 84.94 pence from 84.71 pence
West Texas Intermediate: UP 0.3 percent at $76.56 per barrel
Brent North Sea Crude: UP 0.3 percent at $79.75 per barrel
L.Durand--AMWN