The stock markets around the world crash on Monday, including trading halts in major economies like Japan after market went down by 8%.
Japan’s Nikkei 225 ends trading day down 12.4%, the worst single-day result since ‘Black Monday’ in 1987.
The music industry braces for widespread changes as the drastic dips in trading can have significant effects on the wider entertainment industry, both positively and negatively.
ソニーグループ株式会社 (Sony Group Corp.), which is listed on both the Tokyo and New York Stock Exchanges and has its headquarters in Japan, went into free fall, losing more than 500 points by Monday afternoon in Japan.
Presidential candidate Donald Trump took to social media to blame opponent Kamala Harris for the looming global crisis.
Spotify and Live Nation stocks had declined on Friday more than 1 % each and are expected to further decline as trading resume on Monday.
In K-Pop country South Korea where several entertainment company are listed the KOSPI index plummeted 8%, triggering a trading halt as the market rout intensifies.
The circuit breaker mechanism was activated to stabilize the market amid the steep selloff.
HYBE Co. Ltd., the company which launched the careers of BTS, TXT, Seventeen, and ENHYPEN, saw drastic decline on stock price on Monday ahead of the halt in trade by more than 13,800 percent.
Several analysts are also predicting a Crypto Black on Monday. On Sunday Bitcoin was down by 20%. (BTC) fell below the $59,000 threshold on Sunday, hitting a low of $58,080 per unit and decreased by 3.5% against the USD in 24 hours.
Among the global issues affecting the market process include the looking war between Iran and Israel as the U.S. send over 4000 marines to the Middle East. In response Russia has sent an artillery to reinforce Iran.
North Korean leader Kim Jong Un delivered 250 new tactical ballistic missile launchers to troops near the South Korean border.
State media described the launchers as a modern weapon designed by Kim.
