Former President Donald Trump blamed Democratic presidential candidate Kamala Harris for the ongoing global market selloff.
What Happened: Trump took to Truth Social to comment on the global market selloff on Sunday night. He said that the current Democratic leaders were the cause of the market downturn.
“Stock markets are crashing, job numbers are terrible, we’re heading towards World War III, and we have two of the most incompetent “leaders” in history. This is not good!,” Trump posted in capital letters.
Trump drew attention to the significant drops in markets across Japan, India, and Germany, and criticized the U.S. market performance. He suggested that the market instability was a glimpse of what the world markets would look like without his leadership.
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In another post, Trump said, “Stock markets are crashing, and I told you so! Kamala Harris doesn’t have a clue, and Biden is sound asleep. All of this is caused by inept U.S. leadership!”
Why It Matters: On Friday, U.S. stock markets suffered a blow following a weaker-than-expected jobs report, heightening fears of a faster-than-anticipated economic slowdown.
The global market selloff has been a cause for concern, with the stock market on track to open sharply lower on Monday. The negative sentiment from the previous week has carried over, with the Nasdaq 100 down over 4% and the CBOE Volatility Index (VIX) up over 100%. This has sparked worries over a potential hard landing in the U.S. and its cyclical effect on global economies.
Global markets, especially in Asia and Europe, also saw significant declines. Japan’s Nikkei 225 stock average plummeted 5.60% and the MSCI AC Asia Pacific Index fell 2% to 173.20 on Monday. This has led to urgent measures to stabilize the market, including the triggering of circuit breakers for Japan’s TOPIX index and government bond futures.
Trump, who often linked himself with the stock market during his presidency, has frequently taken credit for stock-market records set under President Joe Biden. Earlier this year, he suggested that the market was performing well due to expectations of his re-election and his favorable polls against Biden.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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