🎈 Up Big Today: Find today's biggest gainers (some over 50%!) with our free screenerTry Stock Screener

Asian Stocks Decline Following Sell-off on Wall Street

Published 10/24/2018, 09:43 PM
© Reuters.  Asian stocks declined in morning trade on Thursday
US500
-
DJI
-
AXJO
-
JP225
-
HK50
-
GOOGL
-
AMZN
-
CMCSA
-
IXIC
-
US10YT=X
-
KS11
-
SSEC
-
000660
-
GOOG
-
SZI
-

Investing.com - Asian stocks declined in morning trade on Thursday after Wall Street recorded the largest daily decline since 2011 on Wednesday and erased all its gains for 2018.

Overnight, the NASDAQ Composite fell 4.4%, the Dow lost 2.4% and the S&P 500 lost 3.1%. Yields in 10-Year Treasuries fell the most since May to 3.1%.

Analysts believed several factors including recent earnings disappointment, concerns over Italy’s government budget and tensions in Saudi Arabia were all major headwinds for global equities.

"Weak U.S. housing data, mixed corporate earnings results, trade war fears and concerns regarding a slowing global economy all contributed to the sell off," Sydney-based Rivkin Securities said in a note to clients.

"Investor sentiment remains cautious as we anticipate the reports of over 100 S&P 500 companies including Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) and Comcast (NASDAQ:CMCSA)."

In Asia, Japan’s Nikkei 225 plunged 3.1% by 9:49 PM ET (01:49 GMT). South Korea’s KOSPI slid 2.2% after official data showed the country’s economy’s growth was slower than expected in the third quarter.

Gross domestic product grew a seasonally adjusted 0.6% in July-September from the previous quarter, the Bank of Korea said, compared with the median forecast of a 0.7% gain.

Index heavyweight SK Hynix Inc (KS:000660)’s shares dropped despite reporting better-than-expected earnings. July-September operating profit rose 73% year-on-year to 6.5 trillion won, compared with the expected 6.3 trillion won.

Sales rose 41% to a record high of 11.4 trillion won compared to the same period last year.

Elsewhere, China’s Shanghai Composite and the Shenzhen Component fell 1.7% and 2.2% respectively. Hong Kong’s Hang Seng Index was down 1.9%.

Down under, Australia’s ASX 200 slid 2.2% in morning trade.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.