Overnight, US markets fell as technology stocks lead the downturn with Nasdaq down over 4% in two days. Dow Jones sees intraday swings of over 400 points before closing down 120 points. Bond yields rose again to 1.49% as markets saw higher cost of money with Federal Reserve expanding balance sheet for further stimulus.
Following that Asian markets opened in the red led by the Japanese Nikkei, which traded lower by over 400 points in early trade. Nikkei ended up 628.99 points lower or 2.13%.
The other markets also saw pressure as markets look to rotate out of technology stocks & into cyclicals with volatility index also seeing highest close in over a month.
Korean Kospi ended 1.28% lower while SGX Nifty shed ~0.85%. In Australia market ended 0.84% lower while in New Zealand it closed down 1.09%. Markets in South East Asia also ended down.
Chinese stocks also saw volatile moves as Hong Kong index sees change in composition with Chinese listed stocks seeing changes. Shanghai Composite ended 2.05% down while Shenzhen declined 3.46%. Hang Seng shed 643.63 points or 2.05%. Market in Taiwan also ended 1.88% on the downside.