Asian stock markets plunged in early trading Tuesday following Monday’s rout, led by tech stocks, on Wall Street.
Every sector in Japan’s stock market turned lower as the Nikkei NIK, -2.71% dropped more than 3%. Investors were quick to react to the U.S. losses, especially among suppliers linked to Apple’s AAPL, -5.04% iPhone. TDK 6762, -7.42% and Murata 6981, -4.87% were down about 8% and 4%, respectively. Meanwhile, SoftBank 9984, +0.97% rose slightly, making up an early 4% loss, following its after-the-bell update on the planned IPO for its Japanese mobile unit. Japanese auto companies also fell after reports that the Trump administration is planning tariffs on auto imports, with Toyota 7203, -2.89% and Honda 7267, -3.05% down about 3% each.
Hong Kong stocks joined the selloff, as the Hang Seng Index HSI, -0.41% fell 1.5%. Index heavyweight Tencent 0700, -0.22% slid another 2% while smartphone-component maker AAC 2018, -1.22% skidded nearly 3.6% more. Energy stocks were also weak with oil’s sharp reversal, with oil giant CNOOC 0883, -2.62% falling 4%.
Mainland China stocks fared better, with the Shanghai Composite SHCOMP, +0.11% down 0.5% and the smaller-cap Shenzhen Composite 399106, +0.77% about flat. IPhone component suppliers Secote Precision 603283, -3.12% and Luxshare 002475, -5.35% were down some 3.5% and 6.5%, respectively.
Benchmark indexes in South Korea SEU, -1.25% and Taiwan Y9999, -0.97% dropped more than 1%, weighed down by tech names. Samsung 005930, -2.43% fell almost 3% and SK Hynix 000660, -4.70% plummeted 5% while Taiwan Semiconductor 2330, -1.94% was off 2%.
Australia’s ASX 200 XJO, -1.76% was down almost 2%, as energy and financial names dropped, and New Zealand stocks NZ50GR, -0.99% slipped about 1%.
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