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Storm Wipha Triggers Fatal Boat Accident in Vietnam’s Halong Bay

  A tourist boat carrying 53 people, including five crew members, tragically capsized in Halong Bay on Saturday, resulting in the deaths of three individuals. The incident occurred around 2 p.m. local time, shortly after Storm Wipha swept into the South China Sea, unleashing strong winds, torrential rain, and lightning. Rescue teams have recovered three bodies and successfully located 12 survivors, according to reports from local border guards. The nationalities of the passengers have not yet been disclosed, and search operations remain ongoing amid challenging weather conditions. Halong Bay, a UNESCO World Heritage site located approximately 200 kilometers northeast of Hanoi, is one of Vietnam’s most popular tourist destinations, renowned for its limestone islands and scenic boat tours. The storm has also disrupted air travel, with several flights diverted or grounded at Noi Bai Airport due to adverse weather. Authorities continue to monitor Storm Wipha, which is expected to ma...

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S&P 500 Plummets Amid Weak Jobs Report

 


The S&P 500 experienced its worst jobs day since October 2022, as a weak jobs report fueled concerns about the health of the U.S. economy. The index fell by 1.8%, while the Nasdaq 100 and Russell 2000 also saw significant declines, dropping 2.4% and 3.5% respectively.

The disappointing jobs data has intensified fears that the Federal Reserve’s decision to maintain interest rates at a two-decade high could lead to a more pronounced economic slowdown. This sentiment was echoed by Wall Street giants like Citigroup Inc. and JPMorgan Chase & Co., who are now calling for more aggressive Fed action.

The selloff was further exacerbated by a plunge in key technology companies, with Intel Corp. experiencing a 26% drop due to a grim growth forecast. The volatility index, often referred to as Wall Street’s “fear gauge,” hit its highest level since March 2023.

As traders project that the Fed will cut rates by more than a full percentage point in 2024, the market’s focus has shifted from “when and how much will the Fed ease” to concerns about a potential economic downturn. This shift in sentiment has led to increased volatility and a flight from riskier assets.

The latest jobs figures suggest that the Fed’s policies may be cooling the labor market too much, raising questions about whether the central bank has been too slow to act. As the market grapples with these uncertainties, investors are taking money off the table and booking profits, leading to continued near-term volatility.


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