🚨Asian stocks tumble on recession fears; Japanese shares eye bear market 🐻📉

Asian stocks fell sharply on Monday, extending last week’s declines amid fears of a U.S. economic slowdown. Japanese markets were hit hard, with the Nikkei 225 dropping 5.5% and the TOPIX falling nearly 7%, nearing bear market levels. This was due to weaker U.S. nonfarm payrolls data and profit-taking, along with a stronger yen and disappointing earnings from major companies like Toyota.

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes saw smaller declines of 0.3% and 0.4%, supported slightly by better-than-expected #PMI data. Hong Kong’s Hang Seng index dropped 1%. Broader Asian markets also tumbled as concerns about worsening economic conditions increased, with safe havens like the yen and gold attracting inflows. Australia’s ASX 200 fell 2.5%, South Korea’s KOSPI dropped 5.5%, and India’s Nifty 50 futures pointed to a negative open after recent record highs.

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