Asia Markets: Asian markets pull back as crude prices continue to fall

Asia Markets

Stocks drop in Tokyo, Hong Kong, Seoul

A man sits next to a fountain at the Sun Yat Sen Memorial Park in Hong Kong on Tuesday.


AFP/Getty Images

Asian markets slipped in early trading Wednesday, after stocks fell on Wall Street as oil prices continued to drop following Monday’s wild ride to record low prices.

Japan’s Nikkei
NIK,
-0.74%

fell 1.2% and Hong Kong’s Hang Seng Index
HSI,
+0.41%

slid 0.7%. The Shanghai Composite
SHCOMP,
+0.60%

edged down 0.3% while the smaller-cap Shenzhen Composite
399106,
+1.04%

dipped 0.2%. South Korea’s Kospi
180721,
+0.89%

sank 0.9%, while benchmark indexes in Taiwan
Y9999,
+0.18%

, Singapore
STI,
-0.07%

and Indonesia
JAKIDX,
+1.45%

were mixed. Australia’s S&P/ASX 200
XJO,
-0.00%

fell 0.6%.

While May West Texas Intermediate oil
US:CLK20
ended trading down as its contract expired, while the June WTI contract
CLM20,
+25.84%

was last up slightly.

On Tuesday, the Dow Jones Industrial Average
DJIA,
+1.93%

fell 631.56 points, or 2.7%, to end at 23,018, the S&P 500 index
SPX,
+2.19%

lost 86.60 points, or 3.1%, to close at 2,736.56, with both benchmarks finishing at their lowest levels since April 7, according to FactSet data. Meanwhile, the Nasdaq Composite Index
COMP,
+2.60%

retreated 297.50 points, or 3.5%, to end at 8,263.23, marking its lowest close since April 13.

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