The Asian stock market showed an overwhelming drop across the board yesterday after a disappointing US employment report created fears regarding the fundamental power of the globes largest economy and worse than predicted trade figures from China.
This was ongoing at the same time as recent destructive wildfires in Canada, making crude oil prices soar, signaling further worry.
The global stock market’s index of Asia-Pacific shares outside Japan fell by 0.3%. With Australian shares dropping by 0.4% and South Korea’s Kospi falling by 0.7%. Shanghai stocks also contracted by over 3% after newly released data showed that exports from China fell by 1.9% last month.
US stocks reported steady increases last week, as the weaker than predicted US employment report waved expectations that the Federal Reserve would have to increase interest rates steadily throughout the year, which would not have a great knock on effect for the rest of the world in 2016.