Stocks around the globe have plummeted wiping off an estimated $2.9trillion (£2.27trillion) from the markets today, according to a financial expert.
Writing on X, Financial Analyst and Value Investor Jacob King wrote: “Over $2.9 trillion has been wiped out from major indices and stocks this morning due to growing fears of a global recession. This is the worst day for stocks since March 16, 2020, during the COVID-19 pandemic fears.”
The slump affected markets in Europe, Asia and New York on Friday, August 2, as fears the US may be on the brink of a recession sparked a global sell-off.
This skyrocketed after an employment report was published later on the same day, showing the US jobs market was cooling fast and pushing up in turn the unemployment rate.
The report boosted the market fears that had already emerged earlier this week following data showing weakness in the US manufacturing sector and disappointing results from semiconductor producer Intel.
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