Stock rout rolls through Asia
October 11, 2018 -- Stock markets across Asia tumbled Thursday in the toughest sell-off in equities and bonds since February — a delayed reaction to last week’s increase in benchmark interest rates by the U.S. Federal Reserve.
Japan’s Topix index was down 3.5 per cent, putting it on track for its heaviest one-day fall since March, while Taiwan’s Taiex tumbled 6 per cent.
The rout began on Wednesday with major U.S. stock markets plunging. Tech stocks, in particular, fell hard, as the Nasdaq fell 4.1 per cent to approach “correction” territory.
The Dow Jones Industrial Average and the S&P 500 fell 3.2 per cent and 3.3 per cent, respectively, with all three indexes taking almost half their losses in the last two hours of the trading day.