
Asia-Pacific stocks drop following Wall Street tumble; tech stocks fall
SINGAPORE — Shares in Asia-Pacific fell during Tuesday morning trade after heavy losses overnight on Wall Street that saw the tech-heavy Nasdaq Composite dropping more than 4%.
The Nikkei 225 in Japan fell 1.88% as shares of Fast Retailing dropped nearly 2%. The Topix index traded 1.75% lower.
South Korea’s Kospi dropped more than 2% while the S&P/ASX 200 in Australia fell 2.33%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.76% lower.
Stock picks and investing trends from CNBC Pro:
Technology shares in Asia-Pacific declined in Tuesday morning trade, largely mirroring losses after the Nasdaq Composite dropped 4.29% overnight to 11,623.25.
On Tuesday morning, shares of Japanese conglomerate SoftBank Group fell 4.9%. South Korea’s Kakao shed 2.38% while Krafton fell 2.39%.
Other major indexes on Wall Street also saw substantial losses, with the S&P 500 slipping 3.2% to 3,991.24 — falling below the 4,000 level for the first time in more than a year. The Dow Jones Industrial Average shed 653.67 points, or 1.99%, to 32,245.70.
Currencies and oil
The US dollar index, which tracks the greenback against a basket of its peers, was at 103.693 — off levels above 103.8 seen recently.
The Japanese yen traded at 130.38 per dollar, stronger as compared with levels above 130.5 seen against the greenback yesterday. The Australian dollar was at $0.6953, struggling to recover after last week’s drop from above $0.72.
Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures slipping 0.41% to $105.51 per barrel. US crude futures shed 0.29% to $102.79 per barrel.
If you want to know more about business please go to https://updatednews24.com/category/business/
More Stories
Why it’s bad news for the entire market when Apple has a big drop
[ad_1] Apple stock is down over 8% this week, wiping off about $200 billion in value, and dragging down the...
Robinhood shares pop more than 30% after Sam Bankman-Fried buys 7.6% stake
[ad_1] Sam Bankman-Fried, CEO of FTX US Derivatives, testifies during the House Agriculture Committee hearing titled Changing Market Roles: The...
Franklin Templeton CEO Jenny Johnson says active management pays off during extreme volatility
[ad_1] (Click here to subscribe to the Delivering Alpha newsletter.)With $1.5 trillion in assets, Franklin Templeton is among America's top...
Hedge fund winners and losers emerge in brutal tech-driven sell-off
[ad_1] The stock market is going through a period of uncertainty and volatility, but some sectors could benefit from that.Timothy...
Twitter market cap has dropped to $9 billion below Musk purchase price
[ad_1] The Twitter logo and trading information is displayed as a trader works on the floor of the New York...
Capitol riot probe subpoenas Trump House GOP allies Kevin McCarthy, Jim Jordan
[ad_1] House Republican Leader Kevin McCarthy (R-CA) listens to fellow Republican House members speak about US President Joe Biden's first...