Gulf bourses close in red on US recession fears

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Dubai: Major Gulf stock markets fell on Monday, sending Asian stocks lower on fears that the United States is heading for recession, while worries about escalating conflict in the region added to concerns. The U.S. unemployment rate hit a three-year high of 4.3 percent in July amid a sharp decline in hiring, fueling concerns that the labor market is deteriorating and potentially leaving the economy vulnerable to a recession.

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