Flight From Stocks Accelerates as Fear Grows Fed Too Slow to Cut
- Japanese stocks enter correction, leading broad Asia selloff
- Gold gained more than 3% this week to approach record high
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The flight out of global equities is becoming a stampede as increasing signs of a US economic slowdown spur a pivot toward the haven assets of Treasuries and gold.
Shares tumbled across Asia Friday, with a broad Japanese gauge posting its worst day since 2016, as they tracked declines globally. Chipmakers joined the US tech selloff, with key producer SK Hynix Inc. tumbling 10%. All in, traders are taking money off the table before a potentially crucial nonfarm payrolls report due at the start of the US session.