Asia-Pacific Markets React Sharply to Trade War Escalation

Following a significant selloff on Wall Street, major stock markets across the Asia-Pacific region experienced sharp declines in Monday's afternoon session. The downturn was fueled by the US administration's imposition of tariffs on numerous countries, with China quickly retaliating by imposing a 34% duty on all US goods. This move has escalated the ongoing trade war, leading to a global market free fall.

Market Performance Highlights

South Korea's Kospi saw a drastic 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 Impact: The dollar also felt the pressure, trading 0.60% lower against the yen at 146.2000.