Global Stock Market Crash: Indian Markets Dip Amid US Recession Fears | Vantage with Palki Sharma
On August 5, the stock markets crashed nearly 3%, with banking, IT, metal, and oil & gas shares facing across-the-board selling. This global equity rout wiped out billions of dollars’ worth of investor money in a single day. The sell-off was likely triggered by recession fears in the US, tensions in West Asia, and tepid quarterly results from India Inc. The Indian rupee touched an all-time low as well. Global markets – from Japan to South Korea, Europe and the US reported losses as well. Palki Sharma decodes the trends.
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Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.
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date 2024-08-05 17:50:00
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Global Stock Market Crash: Indian Markets Dip Amid US Recession Fears | Vantage with Palki Sharma
The global stock market is in a state of panic, with major markets like Japan, India, and the United States experiencing a significant dip. In India, the Nifty index, which tracks the country’s top 50 companies, saw a record-breaking bull run this year, but today’s market crash wiped off over $2 billion from the Indian markets. The sell-off is attributed to three main reasons: recession fears in the US, the deteriorating situation in West Asia, and tepid first-quarter results from Indian companies.
In the US, the unemployment rate has risen to 4.3%, close to a three-year high, raising fears of an American recession. Additionally, American banks are growing increasingly nervous, with Goldman Sachs predicting a 25% chance of recession in the US, up from 15% earlier. The situation in West Asia is also causing concern, with reports of a potential wider regional conflict between Iran and Israel.
Meanwhile, Indian companies have reported a decline in profits, with 30 out of the top 50 companies experiencing a growth rate of just 0.7% on a year-on-year basis. The Indian rupee has also touched an all-time low against the US dollar, with the price of Brent crude oil dropping to an eight-month low. Cryptocurrencies are also experiencing a free fall, with assets worth over $1 billion being liquidated in the last 24 hours.
The global stock market crash is a wake-up call for investors, and it’s unclear whether this will lead to long-term pain or just a temporary correction. As the world grapples with the impact of climate change, it’s clear that the financial markets are not immune to the global challenges we face.
