Global Selloff Continues with Asia Plunging

Asian indexes closed sharply lower and U.S. stock indexes declined on Tuesday following massive losses seen stateside in the last session.

The Nikkei 225 average in Japan plummeted 1,071.84 points, or 4.7%, to 21,610.24, as stocks across sectors pulled back.

The Hang Seng Index in Hong Kong collapsed 1,649.80 points, or 5.1%, to 30,595.42

In Japan, automakers, financials and technology names were lower on the day, with Toyota down 2.9%.

Among other blue chips, SoftBank Group tumbled 4.9% and Fanuc Manufacturing lost 4.6% Fast Retailing sank 5.5%

Against the yen, the U.S. dollar was mostly steady at 109.05, after falling as low as 108.43 earlier in the session.

Among financials in Hong Kong, heavyweight HSBC fell 3% and China Construction Bank lost 6% ahead of the market close. Tech giant Tencent tumbled 6.2%. Energy-related stocks also extended declines on Tuesday, with CNOOC tumbling 5.2%.

Across the Korean Strait, blue-chip technology names were lower, with Samsung Electronics down 1% by the end of the day. Rival chipmaker SK Hynix closed flat. Among automakers, Hyundai Motor traded briefly in positive territory, but later slipped 0.9%.

In Australia, the energy sub-index was among the worst-performing during the session, falling 4.5% as energy-related stocks declined following oil prices' move lower. Santos fell 4.4% and Oil Search lost 3.3%.

The heavily weighted financials sector was also sharply lower, with Australia's "Big Four" banks closing in the red. ANZ was down 3% and Westpac tumbled 3.1% by the end of the day.

Meanwhile, on the economic front, Australia's central bank on Tuesday kept interest rates unchanged at 1.5%. In a statement, the Reserve Bank of Australia also said it expected a gradual pickup in inflation in the economy.

The Australian dollar was softer at $0.7861 U.S.

CHINA

In Shanghai, the CSI 300 dropped 125.26 points, or 2.9%, to 4,148.89.

China's startup Chinext index recorded steeper losses to close lower by 5.3%.

In other markets

New Zealand markets were shuttered for holiday

The Kospi in Korea subtracted 38.44 points, or 1.5%, to 2,453.31

In Taiwan, the Taiex Index slumped 542.25 points, or 5%, to 10,404

In Singapore, the Straits Times Index slid 76.55 points, or 2.2%, to 3,406.38

The ASX 200 sank 192.89 points, or 3.2%, to 5,833.34