Gulf bourses close in red on US recession fears

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DUBAI: Major Gulf stock markets fell on Monday, tracking losses in Asian shares on fears the US could be heading for recession, while worries about widening conflict in the region fueled anxiety. The U.S. unemployment rate jumped to a near three-year high of 4.3 percent in July amid a sharp slowdown in hiring, raising concerns that the labor market is deteriorating and potentially leaving the economy vulnerable to a recession.

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