Market Close 05 Aug 24: Largest decline in years for Aussie stocks

 

Global markets faced one of their largest drops in years, with the ASX 200 experiencing it's steepest decline since May 2020. This drop follows disappointing economic data from the U.S., where slower-than-expected job growth and rising unemployment rates have raised concerns about an impending recession. Additionally, big tech stocks like Amazon and Intel posted significant losses, contributing to a correction in the tech-heavy NASDAQ. The Japanese market entered a bear market after interest rate hikes, and other regional markets, including Taiwan and South Korea, also saw significant declines. In Australia, almost all sectors were down, with attention now shifting to the Reserve Bank of Australia's upcoming interest rate decision due to be handed down tomorrow. 

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