Asian Markets to Follow Wall Street’s Footsteps into a Deep Road

Asia stocks opened mostly higher on Wednesday morning despite declines overnight on Wall Street, however, the markets started to fall after awhile. At 10:01 in Thailand.

NIKKEI fell 27.06 points or 0.12% to 21,983.72 points.

SSEC declined 10.79 points or 0.42% to 2,584.03 points.

HSI downed 139.96 points or 0.55% to 25,206.59 points.

ASX 200 skidded 16.60 points or 0.28% to 5,826.50 points.

KOSPI plunged 5.51 points or 0.26% to 2,100.59 points.

SET faced an instant fall after the opening bell to 1,639.43 points, fell 19.13 points or 1.15%.

 

Oil prices extended losses during Asian hours, following sharp declines overnight. Global benchmark Brent slipped 0.05% to $76.4 while the U.S. crude futures were down 0.14% at $66.34.

 

Wall Street fell overnight as corporate results from Caterpillar and 3M disappointed investors. At the session low, Dow fell as much as 548 points, while the S&P 500 and Nasdaq both plunged more than 2%. Later in the day, the stocks were able to climb back after investors rotated into McDonald’s and defensive stocks like Procter & Gamble instead. However, the stocks were not able to recover from its loss in the morning.

The Dow Jones Industrial Average fell by 125.98 points to close at 25,191.43 while the S&P 500 slipped 0.55% to 2,740.69 and walking on the track for its 12th loss in 14 days with over 90% of stocks down for the session. Meanwhile, the ratio of materials sector to the S&P 500 also hit a 16-year low at 0.191. Lastly, the Nasdaq Composite shed 0.4% to close at 7,437.54.