Asian stocks fell on Wednesday after heavy losses yesterday on Wall Street that pushed the index to a new low for the year and the technological Nasdaq near a correction zone.
The Japanese Nikkei 225 index fell 2.8% to 27,467.23 points
In Hong Kong the Hang Seng index lost small 0.25%, while in mainland China the Shanghai Composite lost 0.35%.
South Korea’s Kospi is down 0.8%, while Australia’s S & P / ASX 200 is down 1%. Indices in Taiwan, Indonesia and Singapore are also falling.
The negative climate follows the heavy losses of the Wall Street indices yesterday, with the technology industry again playing a negative role, amid growing estimates that the Federal Reserve will soon launch its policy tightening in order to deal with inflation. These expectations led to a rally in bond yields, with the 10-year yield climbing to 1.87% on Tuesday, the highest since January 2020.
The S&P 500 index fell 1.8% to 4,577.11 points with about 90% of its shares in the red. The Nasdaq fell 2.6% to 14,506.90 points, extending its losses from the high of November 19 to about 9.7%. A 10% drop from the last high is a correction. Industrial Dow Jones, meanwhile, fell 1.5% to 35,368.47 points.
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