Stock markets plunge across Asia, with the Nikkei sinking 13%

Stock markets across Asia saw a significant decline, with Japan's Nikkei dropping 12% and shares in Taiwan and Korea falling over 8%.

Fears of a possible recession in the U.S., delays in interest rate cuts, and concerns about a wider conflict in the Middle East contributed to the sell-off.

The Nikkei faced its steepest losses since the 2011 financial crisis, hitting seven-month lows.

Investors sought safe havens like the yen and Swiss franc amid rising volatility.

Futures for Nasdaq and S&P 500 also fell sharply.

Analysts believe there is a 78% chance the Federal Reserve will cut rates by 50 basis points in September.

In commodity markets, gold prices rose, while oil faced downward pressure due to worries about global demand.

Bitcoin fell over 14% as markets reacted to these developments.