Global slump

New “Black Monday” on stock markets in Asia

Fears of recession in the USA and concerns about the global economy caused stock markets around the world to plummet on Monday.

(Bild: Getty Images/SPENCER PLATT)

Fears of recession in the USA and concerns about the global economy caused stock markets around the world to plummet on Monday. The Nikkei index in Tokyo suffered even greater losses - in terms of points - than on the so-called Black Monday in 1987. Wall Street in New York also opened in deep red.

The slide on Wall Street entered its third round on Monday. The Dow Jones opened down 3.1 percent, intensifying its downward trend. The Nasdaq Composite opened with a loss of 5.1 percent and remains in deep red territory. 

The major technology stocks in particular are under heavy pressure. They were the driving force behind the record-breaking run of recent weeks and months and are now, conversely, being shunned the most.

Microsoft, Amazon & Co. in the red
Tech heavyweights such as Amazon, Microsoft, Apple and Google holding Alphabet fell between 2.9 and 5.4 percent. Investors once again fled to safe havens at the start of the week. Ten-year US government bonds rose to their highest price since June 2023 in early trading.

(Bild: AP/Richard Drew)

However, the most important indices were able to clearly break away from the day's lows. At around 7.25 p.m., the leading US Dow Jones index fell by 2.15 percent to 38,881.71 points after falling by more than three percent in early trading. The Nasdaq Composite lost 2.68 percent to 16,326.67 units. The drop in the first few minutes of trading amounted to a whopping five percent.

Nikkei index with biggest daily loss
According to the Financial Times, the Nikkei index suffered its biggest daily loss in terms of points: 4450 points. This is significantly more than on the "Black Monday" triggered by the US Securities and Exchange Commission on Wall Street in October 1987 - back then it was 3836 points.

In percentage points, however, the Nikkei's losses back then were greater at 14.9 percent than on Monday at 12.4 percent, reported the Wall Street Journal. Trading on the Tokyo stock exchange had to be suspended several times due to dramatic price falls.

The export-oriented Nikkei-225 in Japan plummeted by an enormous 12.40 percent to 31,458.42 points in the face of concerns about the US economy. The rise in the national currency, the yen, possible interest rate hikes and the gloomy economic outlook for the United States are undermining investor confidence in the Far East.

Significant losses on the Vienna Stock Exchange
The Vienna Stock Exchange also ended trading with significant losses in a deep red international environment. The ATX fell by a whopping 2.37 percent to 3443.70 units. This was the fourth consecutive day of losses. Schoeller-Bleckmann, Wienerberger and EVN recorded losses of more than three percent.

The important banks Raiffeisen, BAWAG and Erste Group lost more than two percent. Among the few winners in the ATX, the shares of Immofinanz and CA Immo rose by 0.7 percent each.

(Bild: AP)

Bitcoin price also rattles down
The cryptocurrency Bitcoin plummeted by around ten percent - to 47,300 euros. This represents a loss of more than 10,000 euros since Friday and a fall of more than 20 percent.

Yen at its highest level since the beginning of the year
After a month-long price rally in Japan, the Nikkei-225 reached a high of just over 42,400 points in mid-July. However, the national currency, the yen, then experienced a sharp rise within a short period of time, which weighed heavily on the share prices of export-dependent Japanese companies. Against the US dollar, for example, the yen rose to its highest level since the beginning of the year on Monday.

The Chinese stock markets fared better than the Japanese indices. The Hang Seng Index of the Hong Kong Special Administrative Region recently fell by 2.15 percent to 16,580.42 points. The Shanghai Composite fell by 1.45 percent to 2863.14 points. However, both indices had already fallen significantly in recent weeks. The South Korean Kospi slumped by 8.77 percent to 2441.57 points.