Asia-Pacific Markets Experience Sharp Decline

Following a significant selloff on Wall Street, major stock markets across the Asia-Pacific region faced steep losses during Monday's afternoon session. The downturn was fueled by the US administration's imposition of tariffs on various countries, with China retaliating by introducing a 34% duty on all US goods. This move has intensified the trade war, causing global markets to tumble.

Market Performance Highlights

South Korea's Kospi saw a dramatic fall of 5.16%, while Hong Kong's Hang Seng dropped by an alarming 11.21%. Japan's Nikkei 225 wasn't spared, declining by 6.25%. In mainland China, the Shanghai Composite and Shenzhen Composite plunged by 6.72% and 9.39%, respectively. Australia's S&P/ASX 200 also suffered, losing 4.06% of its value.

Currency Impact

The trade war's ripple effects were also felt in the currency markets, with the dollar trading 0.60% lower against the yen, settling at 146.2000.