Asian Shares Tumble After Wall Street Suffers Its Biggest Decline Since 2011
07 February, 2018, 01:25
Australian shares dropped 3.0 per cent to their lowest level since October while South Korean shares dropped 2.0 per cent.
In the afternoon, the dollar slipped below ¥108.50 as the Nikkei extended its losses and briefly nosed-dived more than 1,600 points, or about 7 percent. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.
"Markets haven't really kicked off yet", McKenna said.
Shares are tumbling in Asia after a wild day for US markets that resulted in the biggest drop in the Dow Jones industrial average in six and a half years.
Chris Beauchamp, chief market analyst at IG, said it's the "speed of the correction, not its size", that has proven the "real shock, particularly to a market inured to low volatility".
World stock markets nosedived for a fourth day running on Tuesday, having seen $4 trillion wiped off from what just eight days ago had been record high values.
Asian shares fell sharply on Tuesday after Wall Street suffered its biggest decline since 2011 as investors' faith in factors underpinning a bull run in markets began to crumble.
Equity markets in Europe and Asia, along with oil prices, also retreated amid a general aversion towards riskier assets.
Tokyo stocks plunge over 4% after Wall Street sell-off
The worries arrived at a time when the Dow and many other major stock indexes were trading near record highs. Hong Kong's Hang Seng sank 3.9 percent to 30,996.51 and the S&P ASX 200 in Australia skidded 3.2 percent to 5,835.00.
Stephen Schwarzman, the chairman and CEO of financial firm Blackstone, warned recently of a potential "reckoning" in markets.
The declines for the benchmark S&P 500 index and the Dow Jones Industrial Average were the biggest single-day percentage drops since August 2011, a period of stock-market volatility marked by the downgrade of the United States' credit rating and the euro zone debt crisis.
"That is not to say that we won't see further falls in coming days, but in an environment where growth is good and earnings are expected to rise globally, there are decent underpinnings", said James Knightley, chief worldwide economist at ING.
Wall Street's plunge Friday came after U.S.jobs data showed wage growth is finally beginning to strengthen.
Most other regional share benchmarks gave up between 2 percent to 4 percent. The last fall of that size came in August 2011 when investors were fretting over Europe's debt crisis and the debt ceiling impasse in Washington that prompted a US credit rating downgrade.
US crude futures traded at $63.87 per barrel, down 0.6 percent, while safe-haven gold was up for a fourth day in the last five, at $1,340 per ounce. At 10.30 a.m., the Sensex traded lower by 1,074.79 points or 3.09 per cent to 33,682.37 points from its previous close of 34,757.16 points. The euro was up 0.3 percent at $1.2435 while the dollar rose 0.3 percent to 109.38 yen.
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Worldwide regulators are expected to debate how to address the risks posed by the market at the next G20 meeting in March. Bitcoin reached its peak in November, when it hit $19,000, and then began to fall steadily from mid-December.
Foreign portfolio investors, however, remained buyers on the Indian bourses as they bought shares worth Rs 950 crore on Friday. This was the BJP government's last full-year Budget ahead of the Lok Sabha elections scheduled for 2019.
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