{"id":71335,"date":"2024-08-05T16:35:30","date_gmt":"2024-08-05T06:35:30","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71335"},"modified":"2025-11-10T21:36:24","modified_gmt":"2025-11-10T10:36:24","slug":"monday-5th-august-2024-asian-markets-plunge-as-japan-enters-bear-market-amid-regional-sell-off","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/monday-5th-august-2024-asian-markets-plunge-as-japan-enters-bear-market-amid-regional-sell-off\/","title":{"rendered":"Monday 5th August 2024: Asian markets plunge as Japan enters bear market amid regional sell-off"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 13.47%, Shanghai Composite down 1.40%, Hang Seng down 2.59% ASX down 3.78%<\/li>\n\n\n\n<li>Commodities : Gold at $2466.35 (0.17%), Silver at $28.28 (0.54%), Brent Oil at $75.93 (-1.17%), WTI Oil at $72.69 (-1.12%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.675, UK 10-year yield at 3.834, Germany 10-year yield at 2.088<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Average Hourly Earnings m\/m&nbsp; 0.2% vs 0.3% expected<\/li>\n\n\n\n<li>(USD) Non-Farm Employment Change&nbsp; 114K vs 176K expected<\/li>\n\n\n\n<li>(USD) Unemployment Rate&nbsp; 4.3% vs 4.1% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>On Monday, Japan&#8217;s stock market officially entered a bear market as Asia-Pacific markets extended last week\u2019s sell-off. The Nikkei 225 and Topix indexes dropped over 12%, marking a decline of more than 20% from their all-time highs on July 11. Major trading houses like Mitsubishi, Mitsui &amp; Co, Sumitomo, and Marubeni saw approximately 10% losses. This decline follows Friday\u2019s significant downturn when the Nikkei 225 and Topix fell over 5% and 6%, respectively. It was the worst day for the broader Topix in eight years, while the Nikkei experienced its steepest drop since March 2020.<\/p>\n\n\n\n<p>In Monday&#8217;s trading, the yen surged to its highest level against the dollar since January, trading at 143.10. South Korea\u2019s Kospi fell 8.1%, triggering a 20-minute trading halt due to the exchange\u2019s circuit breakers, and the Kosdaq dropped 11.71%. Investors are also eyeing key trade data from China and Taiwan and central bank decisions from Australia and India this week. China&#8217;s service sector showed accelerated growth in July, with the purchasing managers&#8217; index rising to 52.1 from 51.2 in June. The Caixin survey attributed this to faster new business growth and improved demand conditions.<\/p>\n\n\n\n<p>Taiwan\u2019s Taiwan Weighted Index fell over 8%, driven down by tech and real estate stocks, while Australia\u2019s S&amp;P\/ASX 200 dropped 3.5%. The Reserve Bank of Australia began its two-day monetary policy meeting, with economists expecting it to maintain the interest rate at 4.35%. Hong Kong\u2019s Hang Seng index dropped 2.61%, and mainland China\u2019s CSI 300 fell 0.48%, marking the smallest loss in Asia.<\/p>\n\n\n\n<p>In the U.S., stocks plummeted on Friday after a weaker-than-expected July jobs report, raising recession concerns. The Nasdaq entered correction territory, while the S&amp;P 500 and Dow Jones were down 5.7% and 3.9% from their record highs, respectively. The S&amp;P 500 dropped 1.84%, the Nasdaq Composite lost 2.43%, and the Dow Jones Industrial Average fell by 610.71 points, or 1.51%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>1:45 PM GMT &#8211; USD Final Manufacturing PMI<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD ISM Manufacturing PMI<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: On Monday, Japan&#8217;s stock [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71335"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=71335"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71335\/revisions"}],"predecessor-version":[{"id":71336,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71335\/revisions\/71336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=71335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}