Former President Donald Trump has pointed fingers at the current U.S. leadership for the global stock market sell-off.
What Happened: Trump took to his social media platform Truth Social to express his views on the stock market’s downturn. He attributed the market’s instability to the “inept U.S. Leadership,” singling out Vice President Kamala Harris and President Joe Biden.
“Stock markets crashing. I told you so!!! Kamala doesn't have a clue. Biden is sound asleep,” Trump wrote.
Trump’s comments come amid a significant sell-off in the global stock markets, with Asian stocks witnessing a significant decline. The Japanese market, in particular, confirmed a bear market on Monday – the Nikkei 225 and Topix indices have fallen more than 20% from their all-time highs on Jul. 11.
Why It Matters: The global sell-off has been relentless, with Japan's Nikkei 225 dropping over 12% on Monday and over 20% since its peak in July. Circuit breakers were triggered for Japan's TOPIX index and government bond futures, halting trading temporarily to stabilize the market.
Adding to the uncertainty, the CEO of EBC Financial Group, David Barrett, suggested that the market's response to a Trump presidency might be more predictable, benefiting sectors like oil, gas, and crypto. Conversely, a Harris presidency remains a market wild card, making it harder to predict market reactions.
Meanwhile, the cryptocurrency market mirrored the stock market rout, with major coins like Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD experiencing significant declines. Bitcoin briefly fell below $50,000, a level not seen since late February, while Ethereum recorded its steepest drop since December 2022.
Amid the chaos, “Rich Dad Poor Dad” author Robert Kiyosaki sees market crashes as opportunities to get richer. He urged investors to stay calm and invest when others are quitting, viewing the current market situation as a chance to buy more Bitcoin, gold, and silver.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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