- All APAC shares are trading in red, with Taiwan being the worst hit market.
- ASX200 is down by 1.14%, a day after the Federal Budget.
- Growing concerns over inflation have dampened investor sentiment.
- Nissan shares crumble by 13% on back of weak guidance.
The shares in Taiwan were the worst hit, as Taiwan Weighted Index crashed by 6.02% at the time of filing this copy.
On the other hand, the Mainland Chinese markets were subdued during the day with Shanghai Composite down by paltry 1 basis point.
The South Korean KOPSI was also down by a sizeable 1.96%.
The Japanese stocks were also in deep red, as Nikkei225 corrected by 1.91%. The shares of Japanese automaker Nissan Motor Co Ltd (TYO:7201) tumbled 12.94% to hit a four-month low after the third largest automaker in the far-eastern country delivered a weaker-than-expected guidance for the current fiscal year.
Meanwhile in Australia, benchmark index ASX200 fell 1.14% after major banking stocks were hammered in the day’s trade. Yesterday, the country’s treasurer, Josh Frydenberg tabled the Federal Budget 2021-22 in the House of Representative.
In India, which has been crippled by the raging COVID-19 pandemic, the 30-share benchmark – BSE Sensex – was down by 65 bps.
Earlier on Tuesday, the region’s largest economy, China released data revealing that wholesale prices in the country rose at the highest rate in three and a half years for the month of April. This dampened the spirit of the markets.