AUS
NZ
UK
CA
USA
IND
Summary
- APAC follows Wall Street into losses
- Hong Kong Markets worst hit
- India markets likely to open on positive note
The ripples of Wall Street crash overnight in US were felt in the Asia Pacific region on the Tuesday morning, as the major indices and equity markets in the region opened in the red.
In Japan, the Nikkei 225 crashed 1.07% in morning trade, while the Topix index was trading down by 85 basis points.
Stocks in Mainland China started off mostly flat – the Shanghai Composite was down just 1 basis point. The Shenzhen Component, as well, was trading near the flatline, as benchmark was up 14 basis points.
In the Chinese Special Administrative Region (SAR) of Hong Kong, the Hang Seng – which acts as a kind of bridge between US and Chinese investors – was the worst-hit index in the region, as it tanked 2.23%.
Down south, in Australia, the benchmark ASX200 crashed by 64 basis points.
In Taipei, the Taiwan Weighted Index was down 59 basis points.
Before its opening, the futures of India’s Nifty 50 traded in Singapore – SGX Nifty – was up 24 basis points. This indicates a positive opening in the Indian markets.
Meanwhile, markets in Indonesia, Malaysia and Singapore are closed on Tuesday for respective holidays.
Regionally, China is set to announce its latest benchmark lending rate later today. Majority expect the country to hold on to both the one-year Loan Prime Rate (LPR) and five-year LPR.
Overnight, in the US, the Dow Jones Industrial Average plunged 725.81 points to 33,962.04 while the S&P 500 slipped 1.59% to 4,258.49. The Nasdaq Composite fell 1.06% to 14,274.98.
The losses on Wall Street came as concerns grew over the potential impact of COVID-19 resurgence on the global economic recovery.
Globally, some of the worst-hit nations, by what is now called as the third wave, are from the Asia Pacific region.
