In a photo taken on November 4, 2019, a subway train crosses a railway bridge over the Han River in front of the skyline of Yeouido business district in Seoul.
Ed Jones | AFP | Getty Images
Japan’s Nikkei 225 Index Extending six days of losses, it plunged 3%, leading Asian indexes lower as a broad sell-off in the region followed overnight Wall Street’s rout.
Nikkei heavyweight SoftBank Group plunged 7%, while Renesas Electronics led the index lower, down more than 14%. The Topix index fell 2.24% as a whole.
this JPY It also strengthened against the U.S. dollar for a fourth consecutive day, hitting an 11-week low of 152.28 against the U.S. dollar.
Reuters reported that the Bank of Japan is expected to discuss raising interest rates at next week’s monetary policy meeting on July 30-31 and detail its plan to halve its bond purchases.
Respectively, Japanese government panel agrees to increase The country’s average minimum wage rose to 1,054 yen ($6.90), or 5%, according to NHK.
Rising wages give the Bank of Japan more room to consider raising interest rates as it hopes for a “virtuous cycle” of rising prices and wages.
Investors also assessed South Korea’s second-quarter GDP data, which came in slightly below expectations.
South Korea’s GDP grew at an annual rate of 2.3%, lower than the 2.5% expected by economists polled by Reuters. On a quarterly basis, the country’s economy shrank 0.2%, while a Reuters poll expected growth of 0.1%, reversing the 1.3% growth in the first quarter.
Korean Cospi It fell 1.8%, and the Kosdaq fell 2.32%. The index was dragged down by heavyweight SK Hynix, which also fell 6%.
The move comes as the company reports Quarterly revenue hits record high Second-quarter revenue was KRW 16.42 trillion (USD 11.85 billion), a 125% increase from the same period last year.
Operating profit reached 5.47 trillion won, a six-year high. Net profit was 4.12 billion won. Both metrics reversed losses from the same period last year.
Hongkong Hang Seng Index The CSI 300 Index fell 1.65%, and the CSI 300 Index fell 0.98%.
central bank of china Cut the medium-term loan interest rate to 2.3% The interest rate was cut to 2.5% from 2.5%, the latest step to stimulate the economy after Monday’s reduction in the prime lending rate.
Australia’s S&P/ASX 200 index fell 0.94%.
Taiwan market We will be closed for the second consecutive day. The island is preparing for Typhoon Gami.
In the U.S, S&P 500 Index and Nasdaq Index Experienced the worst days since 2022.
The broader market index fell 2.31% to close at 5,427.13 points, while the technology-heavy Nasdaq index fell 3.64% to close at 17,342.41 points. The Dow Jones Industrial Average fell 504.22 points, or 1.25%, to close at 39,853.87 points.
Technology stocks were sold off, with Nvidia and Meta Platforms down 6.8% and 5.6%, respectively. Shares of Alphabet, Google’s parent company, fell 5%, the largest one-day drop since January 31.
Meanwhile, Tesla shares fell 12.3%, marking its worst day since 2020, as results fell short of expectations and auto revenue fell 7% year over year.
—CNBC’s Lisa Kailai Han and Hakyung Kim contributed to this report.
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