Black Monday.

A dream come true.

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1. Stock markets tumbled on Monday, with Japanese shares at one point exceeding their 1987 "Black Monday" loss, as fears of a U.S. recession sent investors fleeing from risk while wagering that rate cuts would be needed to rescue growth. The safe haven yen and Swiss franc surged, as crowded carry trades unravelled, sparking speculation that some investors were unloading profitable trades to get money to cover losses elsewhere. Such was the torrent of selling that circuit breakers were triggered on stock exchanges across Asia. (Source: reuters.com)

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2. Taiwan stocks ended down 8.4% on Monday, a record slump, with tech stocks including TSMC plunging as investors sold off one of Asia's top performing markets this year, spooked by a poor outlook for global tech stocks and the U.S. economy. The main index shed 1,807.21 points, its worst one-day percentage fall, to close at 19,830.88, the lowest level since April 23. The decline was fuelled by a sell-off in tech, and then spread more broadly as the index dipped below the key 20,000 level. (Source: reuters.com)

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3. Earlier today, South Korea's stock market marked its worst session since the global financial crisis of 2008, with trading curbs activated for the first time in four years, as tech stocks slumped amid U.S. recession fears. The benchmark KOSPI stock index ended the session down 8.8% at 2,441.55, its biggest percentage fall since Oct. 24, 2008. During the session, the KOSPI fell as much as 10.8%, triggering circuit breakers for the first time since March 2020, which are trading curbs activated when the index falls or rises more than 8% and halts trading of stocks and derivatives for 20 minutes. (Source: reuters.com)

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4. A closely watched measure of expected US stock market turbulence surged to its highest level in almost four years today as a global stock sell-off gathered pace. The Vix index of expected volatility in the S&P 500 — commonly known as Wall Street’s “fear gauge” — rose to as much as 41.8 points by morning in London to its highest level since November 2020, breaking above an intraday peak in March 2023 following the collapse of Silicon Valley Bank. The Vix measures the price of options that enable investors to profit from swings in the S&P 500. (Source: ft.com)

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5. U.S. pension funds are beginning to explore investments around bitcoin and other cryptocurrencies, a move that could expose millions of former teachers, police officers, firefighters and other retirees to the wild ups and downs of a largely unregulated financial product. In at least five states, industry lobbyists have aggressively hawked the idea, aiming to woo local lawmakers with the promise that digital assets can deliver sky-high profits — often without fully acknowledging the possible risks. The emerging sales campaign contrasts with the broad warnings in Washington that investing in cryptocurrency could leave retirees’ life savings vulnerable to “fraud, theft and loss.” (Source: washingtonpost.com)

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6. After more than a decade as a recurring tea-time conversation topic, the delay in retirement is nearing reality in China, set to impact over 500 million workers as the country grapples with a rapidly aging population. The five-year reform blueprint, released last month following a key Communist Party gathering, includes a commitment to raise the retirement age. According to the resolution adopted at the Third Plenum of the party’s 20th Central Committee, China will gradually increase the statutory retirement age based on the principle of “voluntary participation with appropriate flexibility.” For the first time, a key policy document outlines the principles of the reform, fueling expectations that the decade-long initiative will soon be implemented. (Source: caixinglobal.com)

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