Stock markets in the United States and Europe tumbled on Monday over fears of a U.S. economic recession and mounting global tensions.
The three major U.S. stock indices opened sharply lower, with the technology-heavy Nasdaq Composite Index shedding more than 6 percent, the Dow Jones Industrial average falling more than 3 percent and the Standard and Poor's 500 Composite slumping 3.3 percent.
At the close of trading, the Nasdaq Composite dropped 3.43 percent, while the Dow Jones Industrial Average fell 2.60 percent, and the Standard and Poor's 500 index was down 3 percent.
It came after recent U.S. economic indicators missed expectations, with the non-farm sector adding jobs at a slower rate in July than anticipated, unemployment rate for the month nudging upwards, and new orders for manufactured goods in June falling by 3.3 percent, following a month-on-month decline of 0.5 percent in May, according to data from the Department of Commerce.
In Europe, the three major stock indices opened down on Monday with Britain's FTSE 100 Index falling 2.85 percent, the Paris CAC 40 by 2.76 percent, and Germany's DAX Index by 3.43 percent.
Elsewhere in Türkiye, trading on the Istanbul stock market was suspended twice the same day after significant losses triggered a market-wide circuit breaker. It came as concerns about a potential U.S. recession shook global financial markets and investor sentiment soured on the rising tensions in the Middle East.
Major stocks in US, Europe tumble
Major stocks in US, Europe tumble
Major stocks in US, Europe tumble
Representatives of many countries to the United States have expressed the hope for a full implementation of the Israel-Hamas ceasefire agreement.
The agreement, brokered by Qatar, Egypt and the United States, came into effect in Gaza on Sunday. The three-phase agreement is aimed at a "permanent ceasefire between the parties", according to the mediators.
At a UN Security Council meeting held on Monday, Secretary-General Antonio Guterres praised the conclusion of the agreement between Palestine and Israel of the ceasefire and the exchange of detained persons, but stressed that efforts are still needed to ensure a comprehensive ceasefire, release all detained persons and increase humanitarian assistance.
Varsen Aghabekian, state minister for foreign affairs and expatriates of Palestine, said in her speech that the Palestinian side hopes the ceasefire agreement could be implemented and that the Palestinian government is ready to resume management in Gaza.
"We confirm that the Palestinian Government is ready to work with friendly brotherly countries and organizations to assume responsibility for the administration of the Gaza Strip and the West Bank, including restoring basic health, education, water and electricity services, ensuring the return of displaced persons to their homes, and preparing for the reconstruction phase," she said.
Right before the meeting, several representatives to the United Nations spoke to China Media Group (CMG) and what they said the most was hoping that the implementation of the agreement could hold all the way through.
"It would be good if it holds," said Vasily Alekseyevich Nebenzya, permanent representative of Russia to the United Nations.
"We welcome it so far. We hope it holds and we hope that the next steps will be taken," said Munir Akram, a Pakistani diplomat currently serving for the second time as the permanent representative of Pakistan to the UN.
"We had supported the deal some time ago," said Carolyn Rodrigues-Birkett, permanent representative of Guyana to the UN.
Representatives to UN hope for smooth implementation of Gaza ceasefire agreement