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Posted: 2024-08-03 19:10:15

In short:

Global financial markets have fallen on fears the US is heading toward a recession.

The tech-heavy NASDAQ lost 2.43 per cent on on Friday, local time, and is now in technical correction.

What's next? 

Analysts say further economic and financial markets weakness could put pressure on central banks to ease monetary policy.

There are genuine concerns the world's largest economy is heading toward a recession, and the fear is gripping global financial markets.

Thursday night's official US jobless claims figures showed a surprising number of Americans out of work.

Separate figures showing a weak manufacturing sector added to worries about the US economy.

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