Singapore Share Index Sinks 4.1%

This week, Asian markets experienced a significant sell-off as recession fears in the US led investors to flee from risky assets, anticipating rapid interest rate cuts to revive growth. Singapore's Straits Times Index (STI) fell 4.1%, with local banks like DBS, UOB, and OCBC seeing substantial losses, impacting the overall economy and possibly tightening the recruitment market. Across Asia, the economic ripple effect was evident as major indices like Japan's Nikkei, South Korea's Kospi, and others plummeted, suggesting a potential slowdown in economic activities within the region.