BRICS: US Markets Could Face Substantial Losses, Analyst Declares
Around $879 billion was wiped out from the US stock market on Friday due to calls for a recession. The domino effect hit the Asian markets on Monday’s opening bell leading to India’s Sensex and Japan’s Nikkei crashing in the indices. While BRICS tried to distance itself from the dollar and the US economy, all efforts seem to be futile. A crash in the US markets is affecting BRICS despite the alliance kick-starting the de-dollarization campaign. Also Read: Major Country Wants To Join BRICS and Ditch the US Dollar JUST IN: Over $879 billion was wiped out from the US stock market today. pic.twitter.com/jI4Q69fopJ — Watcher.Guru (@WatcherGuru) August 2, 2024 Therefore, the de-dollarization initiative is not producing fruits and failed to add a cushion against their economies. The US markets still dictate the native economies and local currency prospects of BRICS and other developing nations despite de-dollarization. The development indicates that cutting ties wit...