Global stock markets experienced a terrible day on Friday. Global equities slumped in an August kick-off as US data
spurred concerns the economy may be slowing faster than anticipated, and disappointing quarterly results from Big
Tech companies dampened market sentiment. A measure of manufacturing activity from the Institute for Supply
Management (ISM) dropped to an eight-month low in July at 46.8, solidifying contraction. Moreover, initial jobless
claims, a gauge showing the number of Americans filing new applications for unemployment benefits, increased to
an 11-month high., and all of this before the all-important US non-farm payroll data was released on Friday.