Epic Research Update : Asian Markets
Asian equity markets suffered heavy losses on Tuesday after Wall Street shares tumbled overnight as weak economic data sparked fears of a slowing US economy.
US stocks saw their worst start to February since 1933 after a manufacturing report heightened concern about the economy before Friday’s monthly jobs report. Overall factory activity hit an eight-month low in January as new order growth plunged by the most in 33 years.
Japanese stocks tumbled to a new two-and-a-half month low for a fourth straight session after the yen jumped to a two-month high against both the US dollar and euro. The benchmark Nikkei is down over 10 percent since hitting a six-year peak of 16,320 points on December 30, placing the index firmly in correction territory.
Hong Kong’s Hang Seng plunged 2.12 percent or 467.25 points at 21,568.17. Japan’s Nikkei tumbled 2.58 percent or 377.57 points at 14,241.56.
Singapore’s Straits Times shed 0.82 percent or 24.67 points at 2,966.28. South Korea’s Seoul Composite declined 1.48 percent or 28.41 points at 1,891.55.