Asian markets settle down on Monday

05 Aug 2024 Evaluate

Asian markets settled down on Monday as fears about a US economic slowdown and a possible US recession sent shock waves through global markets, while Japan’s Nikkei logged the worst day for the index since the Black Monday of 1987. US data on Friday showed a smaller-than-expected gain of 114,000 US nonfarm payrolls last month, as the unemployment rate ticked up to 4.3%, the highest since October 2021. Market sentiments weakened further by rising geopolitical tensions in the Middle East, with reports stated that Benjamin Netanyahu-led government could sanction a pre-emptive strike on Iran to prevent an attack on Israeli soil. Chinese shares declined, despite data showing growth in the country's services activity accelerated in July. The Caixin/S&P Global services purchasing managers' index grew to 52.1 in July from 51.2 in June, pointing to expansion for the 19th straight month and beating expectations of 51.4.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2,860.70	-44.64	-1.56
Hang Seng	16,698.36	-247.15	-1.48
Jakarta Composite	7,059.65	-248.47	-3.52
KLSE Composite	1,536.48	-74.57	-4.63
Nikkei 225	31,458.42	-4,451.28	-14.15
Straits Times	3,243.67	-137.78	-4.25
KOSPI Composite	2,441.55	-234.64	-9.61
Taiwan Weighted	19,830.88	-1,807.21	-9.11

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