"The bottom line is that the US economy is not in a recession, and there are no signs of a recession on the horizon," Apollo's Tosten Sløk said.

SINGAPORE - Soft US jobs data has rattled markets, even as expectations of US Federal Reserve rate cuts have risen in recent days. Overlay this with increasing concerns over geopolitics and nervousness over the outcome of the US presidential election in November, and the result is an unwelcome brew of volatility and nervousness.

Treasury Secretary Janet Yellen has said recent economic data signaled that the U.S. economy is pulling off a soft landing, but noted that there are "downside risks" to employment. "So what I see when I look at the economy is very strong growth deep into a recovery,