Stock market crashes amid fears of US recession

KOCHI: Financial markets across the globe experienced a downturn on fears of a recession in the United States. Rising unemployment and falling operating profits of companies have already instilled fear of recession. Stock markets in Japan, Malaysia, Singapore, Taiwan and Europe nosedived as an effect of the crisis.

In India, the Sensex fell by 2,222.5 points and Nifty by 662.11 points. On Monday alone, the assets of Indian investors fell by more than Rs 15 lakh crore. The Bank of Japan's interest rate hike of a quarter per cent also intensified the withdrawal of foreign investment firms. The rupee fell by four paise to a record low of 83.84 against the dollar.

Japan's main stock index Nikkei fell 13 percent yesterday. Global companies such as Apple, Meta, Intel, and Alphabet experienced a huge decline in their stock prices in the past two days. Crude prices also fell by one and a half per cent. Amidst the crashing global market, more investors are now trying their luck in the gold market with business thriving in the last few days.