Asian Markets Tumble as US Stocks Retreat from Historic Rally
Asian shares fell sharply after Wall Street gave back much of the historic gains made the previous day, as concerns mounted over President Donald Trump’s escalating trade war.
Japan’s Nikkei 225 plunged 3.7% to 33,332.35, with the yen strengthening against the US dollar, which also declined in value against the euro. South Korea’s Kospi lost 0.9% to close at 2,422.61, while Australia’s S&P/ASX 200 slipped 1% to 7,634.70.
In contrast, Chinese markets showed some resilience. Hong Kong’s Hang Seng Index rebounded 1.9% after earlier losses exceeding 1%, and Shanghai’s Composite Index edged up 0.6% to 3,758.83. Taiwan’s Taiex rose 2.8% amid expectations that trade tensions would prompt more orders to shift from China to Taiwan.
On Wall Street, stocks took another hit as investors continued to weigh the implications of Trump’s trade and economic policies. Hopes of building on Wednesday’s surge faded as major indexes spent the entire session in negative territory.
The S&P 500, which had jumped 9.5% the previous day, fell 3.5% to 5,268.05. The Dow Jones Industrial Average dropped 2.5% to 39,593.66, while the Nasdaq Composite tumbled 4.3% to 16,387.31.
Meanwhile, in the bond market, yields moved higher, with the 10-year US Treasury note rising to 4.436%, up from 4.280% the day before.
