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Stocks hammered by US recession fears

HONG KONG — Tokyo led a collapse across Asian and European equities Monday, after weak US jobs data fanned fears of a recession in the world's top economy and boosted bets on several Federal Reserve interest rate cuts.

Trading boards showed a sea of red following another hefty day of losses on Wall Street, where heavyweight tech firms, including Amazon and Microsoft, took the brunt over worries an AI-fuelled rally this year may have been overdone.

A man cycles past a display showing closing numbers after record losses on the Tokyo Stock Exchange, along with the yen-dollar rate, along a street in Tokyo on Aug. 5, 2024. AFP PHOTO