FT News Briefing Stock indices get a case of the Mondays
Aug 6, 2024
Global stock markets experienced a severe sell-off, with Japan facing particular volatility. Economic indicators like a poor U.S. jobs report and an interest rate hike raised alarms. Meanwhile, the far-right riots in England stem from misinformation following a tragic incident, leading to government crackdowns. Increased police presence and swift legal actions against protesters aim to restore order, even as the new Prime Minister navigates political challenges and strives to bolster foreign investment.
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Global Market Rout
- Global stock indices experienced a significant sell-off on Monday, August 6th, 2024.
- The Nasdaq composite fell nearly 3.5%, while the FTSE 100 and Stocks Europe 600 dropped over 2%.
Japanese Market Vulnerability
- Japanese stocks suffered steeper losses than Western markets due to a surprise interest rate hike and a strengthening yen.
- This reversed gains and exposed Japan's vulnerability to risk-off sentiments and global trade slowdowns.
UK Far-Right Riots
- Far-right riots erupted in the UK following a stabbing attack in Southport, fueled by online misinformation about the attacker's identity.
- The government plans to address the unrest with increased police presence, swift legal action, and potential social media regulations.