Economic news

Asian stocks tumble after sharp Wall Street selloff

Asian stocks dipped on Thursday following the biggest daily decline on Wall Street since 2011 due to an equities rout, that wiped out all gains for the year.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares fell 0.7 percent. Japan’s Nikkei tumbled more than 3 percent to touch a six-month low.

China's Shanghai composite slid near 0.6 percent while Hong Kong stocks lost almost 2 percent.

South Korea’s Kospi was down 2.3 percent and Australian stocks skidded 2.8 percent.

Sluggish U.S. housing figures, mixed corporate financial results, trade war worries and fears over a slowdown in global economy led to the huge sell off, analysts say.

Crude prices fell amid worries over global growth. Front-month Brent crude futures lost 56 cents to $75.61 per barrel, while U.S. WTI futures sank 56 cents to $66.26.

Spot gold was stable at $1,235.70 an ounce.

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