Stock markets in Europe, Asia and New York tumbled on Friday as fears of a US economic slump grew and technology shares were hit by underwhelming earnings.
$2.9 TRILLION wiped out from stocks this morning due to fears of a global recession.
Concerns that the US could be sliding towards a recession spurred a global sell-off, which accelerated after a poor employment report on Friday showed that the US jobs market was cooling fast, pushing up the unemployment rate.
Economists fear the US economy could be weaker than central bankers at the Federal Reserve had realised, and could force the Fed into a sharp cut in borrowing costs in September – or even an emergency rate cut before that – to stimulate demand.
What Is a Global Recession?
A global recession is an extended period of economic decline around the world. A global recession involves more or less synchronized recessions across many national economies, as trade relations and international financial systems transmit economic shocks and the impact of recession from one country to another.
