Asia Markets Slide as Japan Exports Record Steepest Drop in Four Years
Asian stock markets closed mostly lower on Wednesday, mirroring Wall Street’s overnight declines as investors reacted to weak Japanese trade data and China’s latest loan prime rate decision. Japan’s exports fell 2.6% year-on-year in July, marking their sharpest drop in more than four years. The decline was worse than the 2.1% contraction expected in a Reuters poll and a deeper fall compared to June’s 0.5% dip.
Japan’s benchmark Nikkei 225 slumped 1.51% to 42,888.55, while the broader Topix index dropped 0.57% to 3,098.91. Tech giant SoftBank Group tumbled as much as 9.17%, dragging down sentiment in Asia’s technology sector. The investment firm has now seen its stock fall for two consecutive sessions following its $2 billion investment in Intel, whose U.S. shares rose nearly 7% on Tuesday.
South Korea’s Kospi index slid 0.68% to 3,130.09, while the smaller Kosdaq shed 1.31% to 777.61. In contrast, Australia’s S&P/ASX 200 managed to recover earlier losses and closed 0.25% higher at 8,918. Hong Kong’s Hang Seng index reversed course to end 0.21% higher, while China’s CSI 300 climbed 1.14% to 4,271.4 after the central bank kept its key lending rates unchanged for a third straight month in line with forecasts.
Elsewhere, Taiwan’s Taiex posted a steep 2.99% drop, closing at 23,625.44, while India’s Nifty 50 and BSE Sensex bucked the regional downtrend, rising 0.27% and 0.32%, respectively. A standout performer was Chinese toymaker Pop Mart, which surged more than 8% after reporting a near-400% jump in net profit, fueled by global demand for its Labubu dolls.
On Wall Street, major indexes were dragged lower by tech losses, particularly Nvidia. The S&P 500 slipped 0.59% to 6,411.37, while the Nasdaq Composite shed 1.46% to 21,314.95. The Dow Jones Industrial Average gained just 10.45 points, or 0.02%, to close at 44,922.27, touching a fresh record high during the session before paring back gains.
Source: cnbc