Market Turmoil in Asia-Pacific

Following a significant selloff on Wall Street, major stock markets across the Asia-Pacific region experienced sharp declines. The downturn was fueled by the US administration's imposition of tariffs on multiple countries, prompting China to retaliate with a 34% tariff on US goods. This escalation in the trade war has sent global markets into a downward spiral.

Impact on Key Markets

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

Currency Fluctuations

The dollar also felt the impact, trading 0.60% lower against the yen, at a rate of 146.2000.