Asian stocks plummeted in early trading Thursday following the skid on Wall Street.
fell about 4% as stocks got added pressure from the yen’s overnight bounce. The dollar was just above ¥112, versus ¥112.36 in late New York trade and ¥113 Wednesday morning. Through Wednesday, the dollar had fallen five straight days versus the yen
and logged the biggest week-long drop since February, at 2%. And with a late drop in Treasury yields during U.S. trade, 10-year JGB yields were down a basis point at 0.14% and 30-years were down two basis points at 0.92%. Losses were widespread across all sectors, with SoftBank Group
and robotics company Fanuc
down around 7%, while export-reliant companies such as Toyota
posted steep losses as well.
Chinese stocks were down more than 3%, putting mainland indexes at fresh multiyear lows, extending the woes which have made Chinese equities among the world’s worst performers this year. The Shanghai Composite Index
is now down 20% for 2018.
In Hong Kong, the Hang Seng
slid more than 3%, a day after snapping a six-session losing streak, and was on pace to close at a new 15-month low. Tech stocks took a beating, with Sunny Optical
, AAC Technologies
falling more than 5%. Automaker Geely
, casino operator Galaxy Entertainment
and oil company CNOOC
Taiwan stocks fared even worse, with the Taiex
down 5.7%, putting it at its lowest levels since May 2017. Heavyweights were down across the board with tech stocks hurting the most, as lens maker Largan
fell 9% and capacitor maker Yageo
sank almost 7%.
Australia’s ASX 200
dropped to levels last seen in late April and New Zealand’s NZX 50
is set to log its first nine-day losing streak since July 2011. Korea’s Kospi
was off 2.8%, with Samsung
down more than 2%. Singapore’s stock benchmark
skidded to 20-month lows while Malaysia’s benchmark
hit three-month lows
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