Historic Market Crash in Asia-Pacific Amid Escalating Trade War

Following a significant selloff on Wall Street, major stock markets across the Asia-Pacific region experienced sharp declines during Monday's afternoon session. The downturn was triggered by the US administration's imposition of tariffs on numerous countries, with China swiftly retaliating by introducing a 34% duty on all US goods, further intensifying the trade war.

Market Performance Highlights

South Korea's Kospi led the losses with a 5.16% drop, 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.