Markets sink as global growth jitters spread
Getty ImagesAsian stocks sank on Monday amid growing concerns of a slowdown in the global economy.
Investors dumped stocks in favour of safer bonds, driving Japan’s Nikkei index down more than 3%.
Unusual moves in the US bond market have also raised concerns about a possible US recession.
Japan’s benchmark Nikkei 225 index dropped 3.1% to 20,948.37.
In China, Hong Kong’s Hang Seng index fell 1.6% and the Shanghai Composite lost 1% in afternoon trading.
“Asian markets are taking clues from [the] sharp decline in US equities on Friday,” CMC Markets analyst Margaret Yang said.
“The selloff is unlikely to cease until the US markets stop bleeding.”
Downbeat data from the US and Europe, combined with a cautious tone from the Federal Reserve,…
