Asia Markets: Asian markets follow Wall Street downhill amid worries about reopening economy

Asia Markets

Stocks fall most sharply in Tokyo and Sydney

A man stands at Shiba Park as the landmark Tokyo Tower is lit up at dusk in Tokyo on Tuesday.


AFP/Getty Images

Asian markets fell in early trading Wednesday, as investors took remained cautious as the world’s economies slowly start reopening from coronavirus-related shutdowns.

Japan’s Nikkei
NIK,
-0.48%

dropped 0.8%, while Hong Kong’s Hang Seng Index
HSI,
-0.27%

rose slightly. The Shanghai Composite
SHCOMP,
+0.22%

declined 0.2% while the smaller-cap Shenzhen Composite
399106,
+0.66%

was about flat. South Korea’s Kospi
180721,
+0.94%

gained 0.1%, while benchmark indexes fell in Singapore
STI,
-0.61%

and Indonesia
JAKIDX,
-0.74%

but rose in Taiwan
Y9999,
+0.54%

. Australia’s S&P/ASX 200
XJO,
+0.35%

slid 1%.

Stocks on Wall Street sank sharply Tuesday, as the nation’s top public health officials warned of the near-certainty of deadly new coronavirus outbreaks if U.S. businesses open up before it’s safe, while Fed officials warned that the economy was in dire straits if businesses stay shut.

The Dow Jones Industrial Average
DJIA,
-1.88%

fell more than 450 points for its worst one-day percentage loss since May 1. The S&P 500
SPX,
-2.05%

and Nasdaq
COMP,
-2.06%

both lost more than 2%, with the Nasdaq snapping a six-session winning streak.

“Asian stocks are following their U.S. peers lower after warnings against a premature re-opening of the economy and downbeat and unsettling for risk comments from regional Federal Reserve chiefs,” wrote Stephen Innes, chief global markets strategist at AxiCorp, in a note.

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