Asian stocks drop sharply amid Wall Street wipeout
Asian stock markets tumbled on Monday, with Tokyo’s Nikkei 225 falling over 4% following a sharp decline on Wall Street.
Worries are building over a potentially toxic mix of worsening inflation and a U.S. economy slowing because households are afraid to spend due to the trade war, News.Az reports, citing AP.
U.S. futures and oil prices were lower.
Thailand’s SET lost 0.9% after a powerful earthquake centered in Myanmar rattled the region, causing widespread destruction in the country, also known as Burma, and less damage in places like Bangkok, though a high-rise office building under construction collapsed.
Tokyo’s benchmark fell 4.1% to 35,615.15, while the Hang Seng in Hong Kong lost 1% to 23,200.65.
The Shanghai Composite index declined 0.5% to 3,333.66.
In South Korea, the Kospi fell 2.6% to 2,492.49, while Australia's S&P/ASX 200 sank 1.6% to 7,856.80.
Taiwan's Taiex lost 3.4%.
On Friday, the S&P 500 dropped 2% to 5,580.94, for one of its worst days in the last two years. It was its fifth losing week in the last six.
The Dow Jones Industrial Average sank 715 points, or 1.7%, to 41,583.90, and the Nasdaq composite fell 2.7% to 17,322.99.
Lululemon Athletica led the market lower with a drop of 14.2%, even though the seller of athletic apparel reported a stronger profit for the latest quarter than analysts expected.
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