‘Panic situation’: Asian stocks tumble amid fears of new global recession

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Japan’s Nikkei index plummeted more than 950 points on Tuesday, its biggest loss in one day since May 2013, as the fears over the global economy saw a continuation of the previous day’s selloff in Europe and the US.

 

The Nikkei dived 5.1% to 16,132.25 in morning trading and extended losses into the afternoon, while Australia’s S&P/ASX 200 fell 2.6% to 4,946.70. Markets were also down in the Philippines, Indonesia, Thailand and New Zealand. The yen meanwhile briefly soared to a 14-month high against the US dollar.

 

Read More: ‘Panic situation’: Asian stocks tumble amid fears of new global recession | Business | The Guardian