After a rough day on Wall Street, Asia-Pacific markets are seeing significant losses, with Japan's Nikkei down 4.2% and South Korea's Kospi down 3.4%. This reaction follows a significant decline in the US manufacturing sector as reported by the Institute for Supply Management, which indicated a contraction in new orders, production output, and employment levels. Michael Brown from Pepperstone remarked that 'summer's over, and the bears are back with a bang,' highlighting widespread investor fears.
British stocks are under pressure as the FTSE 100 index opens in the red, down 51 points to 8247, marking a three-week low. Susannah Streeter from Hargreaves Lansdown observed the trend continuing through Europe, where losses are also expected, with London's FTSE 100 anticipated to drop by 0.7%. It reflects a cautious tone among investors as they react to the prevailing economic signals.
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