From Investing: 2024-08-04 23:07:22

Asian stocks fell sharply on Monday, with Japanese markets on track to enter a bear market from their July highs. U.S. economic slowdown fears weighed on markets, following weak nonfarm payrolls data and mixed earnings. U.S. stock futures also dropped in Asian trade.

Japanese stocks plummeted, with the Nikkei down 5.5% and TOPIX nearly 7%. Foreign investors pulled out amid a strong yen and hawkish signals from the Bank of Japan. Weak earnings from Toyota set a negative tone, with more key earnings reports expected this week.

Chinese indexes fell less than others, with PMI data showing some resilience in the services sector. More economic readings are due this week. Overall, Asian markets suffered from growth concerns, with safe havens like the yen and gold seeing inflows. South Korea and Australia also saw significant declines in their stock markets.



Read more at Investing: Asian stocks tumble on recession fears; Japanese shares eye bear market By Investing.com