Asian Markets Track Wall Street Losses Again As SoftBank Crashes


SoftBank was one of the biggest losers of the morning. Shares fell 5.5% in Tokyo, extending a five-day losing streak. Investors have been baffled by the Japanese tech conglomerate since the Financial Times and the Wall Street Journal reported it had made huge and risky bets on tech stocks.

So far, SoftBank has plunged about 13% this week, wiping out about $ 14 billion from its market value.

All major Asia-Pacific indices were lower. From China Composite de Shanghai (SHCOMP) lost 1.3%. From Japan Nikkei 225 (N225) fell 1.6%, while that of Hong Kong Index Hang Seng (HSI) – which this week added big tech stocks Alibaba and Xiaomi to its component list – fell 1.1%. South Korea Kospi (KOSPI) throw 1%. The Australian S & P / ASX 200 was the worst performing in the region, dropping 2.6%.

Retirement followed another bad day on Wall Street. the Nasdaq (COMP) closed 4.1% lower on Tuesday and fell into corrective territory – defined as a 10% decline from its most recent high. the S&P 500 (SPX), the broadest metric in the U.S. stock market, closed 2.8% lower and Dow (UNDUE) finished down 2.3%, or 632 points.

Trading in futures was mixed after hours.“A third straight day of stock sales may sound alarming, but the surge that preceded it caused equal concern (over a longer period) to those of us who have struggled to mentally buy into the market. stock market rally, ”wrote Robert Carnell, regional head of Asia-Pacific research for ING.

“There is room for it to go further, if actions are to more plausibly reflect macro and pandemic reality,” he said, while adding that there is no ” panic in evidence ”- meaning the sale is unlikely to be followed by hasty political reactions from central banks and governments.

“When you sell fruit juices this harshly, you have to imagine that the occasional pip will stick in your throat,” Carnell added.


Please enter your comment!
Please enter your name here