Japanese stocks suffered their worst daily drop in more than three months, as the economy entered a recession unexpectedly in the third quarter.
In Japan, the Nikkei 225 plummeted 517.03 points, or 3%, to 16,973.80.
Meanwhile, the yen rose versus the U.S. dollar, with the greenback buying ¥116.12 compared with ¥116.29 in the prior session.
In Hong Kong, the Hang Seng index fell 290.30 points, or 1.2%, to 23,797.08, as the long-awaited Hong Kong-Shanghai Stock Connect program, allowing direct trade between the two markets, officially started on the same day.
Several local Hong Kong banks bucked the weaker trend, with BOC Hong Kong Holdings Ltd., the only clearing bank for yuan transactions in Hong Kong, edging 0.2% higher.
Among market movers in Japan, life insurer Dai-Ichi Life Insurance Company, Ltd. sank 4.8%, camera maker Olympus Corp. slid 4.5%, electronic component maker TDK Corporation shredded 4.3%, and industrial-robot maker Fanuc Corporation declined 4%.
CHINA
Shanghai’s CSI 300 index dropped 13.99 points, or 0.5%, to 2,567.10
Chinese banks suffered broad-based declines, with China Citic Bank Corporation Ltd. skidding 4.1%, China Minsheng Banking Corp., Ltd. falling 2.1%, and Bank of Communications Co., Ltd. dropping 2%.
In other markets;
Singapore’s Straits Times Index let go of 27 points, or 0.8%, to 3,288.67
The Taiex index in Taiwan skidded 98.49 points, or 1.1%, to 8,884.39
Korea’s Kospi index moved lower 1.51 points, or 0.1%, to 1,943.63
New Zealand’s Exchange 50 acquired 6.23 points, or 0.1%, to 5,490.23.
Australia’s S&P/ASX 200 backtracked 41.80 points, or 0.8%, to 5,412.55.
