As world stock markets plunged and recession fears mounted Sunday after a weak US jobs report, Former President Donald Trump attacked his successor Joe Biden.

Japan’s Nikkei 225 slid more than 12% on Monday, while Germany’s DAX was down just over 2%. France’s CAC dropped nearly 1.9% and London’s FTSE hit a three-month low of around another at one point.

It was the biggest fall for the Nikkei 225 since Wall Street’s Black Monday crash of 1987, CNBC wrote. That followed a 5.8 percent slide Friday – the biggest two-day drop for Japan’s benchmark index on record.

Stateside, U.S. stock futures tumbled with Dow Jones Industrial Average Futures sliding 2.10%, S&P 500 (.SPX) dropping in excess of more than3% and Nasdaq-100 retreated around 4.41%.

In a post to his new Truth Social account Sunday night, Trump pointed the crisis directly at the shortcomings of American leadership.

“STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!” he posted.

Trump has been a consistent critic of Biden’s economic policies, regularly pointing back to the pick-up in inflation during his tenure.

The market may be reacting to the Bureau of Labor Statistics report that showed U.S. unemployment climbed to its highest level since October 2021 last Friday, part of concern that inflation coming down will leave more ailing jobs data behind as the Federal Reserve starts considering rate hikes in response. 

The report showed that unemployment ticked up to 4.3% as the economy added just a paltry 114,000 non-farm jobs last month – far below analysts’ expectations for an increase of about 185,000 roles.

Evercore, a banking and research organization, analysts also underscored in their analysis recession potential signals

“With the soft employment report, the NASDAQ correction, the plunge in bond yields, and the plunge in commodity prices, it’s possible we’re seeing recession signals coming home to roost. In any event, this week, bad news was bad news for the stock market.”

CNBC worked through the problems facing investors with Victoria Greene, chief investment officer at G Squared Private Wealth.

“It’s painful,” she said. “I think there’s a lot being absorbed that happened over the weekend between Berkshire cutting Apple…you had the Japan sell-off… you have the yen spike and the end of that carry trade.”

As the 10-year experienced its biggest one-day yield drop in a decade, JP Morgan analysts now see an even call over whether there will be recession.