Asian markets sink amid Wall Street losses, new U.S. tariffs against EU


Asian markets fell in early trading Thursday, following losses on Wall Street triggered by fresh worries about an economic slowdown.

U.S. stocks are off to their worst start to a quarter since 2008, as the Dow Jones Industrial Average

DJIA, -1.86%

  has lost more than 800 points in the past two days. Data showing slower job creation and weaker manufacturing output are indicating that the Trump administration’s trade war is taking a toll on the U.S. economy.

Global markets were further uneased after the U.S. announced late Wednesday that it planned to slap tariffs as high as 25% on $7.5 billion of European imports, after the WTO ruled the EU improperly favored Airbus over Boeing in a long-running trans-Atlantic dispute.

“The dreary economic data does perhaps suggest that traders could be better sellers in this risk-toxic environment,” Stephen Innes, Asia-Pacific market strategist at AxiTrader, said in a note.

Japan’s Nikkei

NIK, -2.02%

  dropped 2% and Hong Kong’s Hang Seng Index

HSI, -0.62%

  slipped 0.6%. Australia’s S&P/ASX 200

XJO, -2.09%

  fell 1.9% and New Zealand’s NZX 50

NZ50GR, -1.07%

  slid 1.2%, while benchmark indexes in Taiwan

Y9999, -0.77%

 , Singapore

STI, -0.85%

 , Malaysia

FBMKLCI, -0.51%

  and Indonesia

JAKIDX, -0.25%

  all declined. Markets in mainland China and South Korea were closed for holidays.

Among individual stocks, SoftBank

9984, -2.31%

 , Fast Retailing

9983, -2.82%

 , Toyota

7203, -2.57%

  and Honda

7267, -2.45%

  all sank in Tokyo trading. Casino operator Galaxy Entertainment

27, +1.95%

  rose in Hog Kong, while Wharf Real Estate

1997, -1.83%

  and CNOOC

883, -1.52%

  declined. In Australia, Beach Energy

BPT, -1.83%

 , BHP

BHP, -2.93%

  and Westpac Banking

WBC, -2.29%

  all fell.

Source : MTV