Asian markets decline, Nikkei index dips more than 2%; European markets to open on a mixed note

In Japan, the Nikkei 225 slipped 2.12% while the Topix index dropped 2.47%, South Korea’s Kospi declined 1.22% and the S&P/ASX 200 in Australia fell 1.2%.

Sep 29, 2021 12:09 IST India Infoline News Service

Businessman with a stock market of china
Asian stock markets declined on Wednesday trade tracking an overnight tumble on Wall Street, with the Nasdaq Composite fell nearly 3% as bond yields rise.

Chinese tech shares in Hong Kong also declined, with Tencent tumbled over 2.7% and Alibaba down 2.52%.

The Hang Seng Tech index fell in the morning trade however it erased early losses to trade marginally higher by 0.55%. Hong Kong-listed shares of China Evergrande Group, however, surged after the media reports said that the developer announced it will sell a $1.5 billion stake in Shengjing Bank to a state-owned asset management firm.

In Japan, the Nikkei 225 slipped 2.12% while the Topix index dropped 2.47%, South Korea’s Kospi declined 1.22% and the S&P/ASX 200 in Australia fell 1.2%.

Mainland Chinese stocks in the red with the Shanghai Composite shed 1.53% and the Shenzhen Component fell 1.42%.

On Tuesday, US equities fell sharply as a sharp rise in bond yield sparked selling pressure in the rate-sensitive technology sector and growth-oriented stocks. 10-Year USA treasury yield rose by 7bps to 1.55% for six straight days and touching its highest level since June’21. "No place to hide" as midcaps take a pounding also as strength in the US$ index sees emerging markets also take a hit.

The Nasdaq Composite dropped 2.83% to 14,546.68 for its worst day since March. The S&P 500 shed 2.04% to finish at 4,352.63 and the Dow Jones Industrial Average lost 570 points, or 1.63%, to close at 34,299.99.

Meanwhile, European stocks are expected to open in the mixed territory today. The U.K.’s FTSE index is seen opening 2 points lower at 7,031, Germany’s DAX 14 points higher at 15,285 and France’s CAC 40 14 points higher at 6,425.

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