Global Markets Slide on Recession Fears After US Manufacturing Data Disappoints

Global markets declined following a sharp selloff on Wall Street driven by worries about economic growth. The decline was exacerbated by a drop in chipmaker Nvidia`s value, which impacted Asian markets, particularly in Japan and Hong Kong. While some analysts believe this is a temporary setback and see buying opportunities, others are concerned about a potential bear market, citing weak leading indicators and the inability of market leaders like Nvidia to sustain momentum despite strong earnings. The Federal Reserve`s response to the slowing economy is a key concern, with analysts worried about the pace of rate cuts and the potential for the market to continue selling off if the Fed falls behind the curve.