Stocks in Asia were lower on Tuesday following an overnight selloff on Wall Street sparked by concerns of a slowdown in the global economy. A key speech by Chinese President Xi Jinping did not help lift market sentiments in Asia.
The Nikkei 225 slouched 391.43 points, or 1.8%, to close at 21,115.45. Shares of industry heavyweight Fast Retailing fell 1.6%.
The Japanese yen, widely viewed as a safe-haven currency, traded at 112.55 against the U.S. dollar after seeing lows around the 113.5 handle in the previous session
In Hong Kong, the Hang Seng Index dropped 273.73 points, or 1.1%, to 25,814.25
Korean markets faltered as well, as shares of chipmaker SK Hynix declined by 1.8%
Australian markets also declined, with almost all sectors seeing losses on the day.
The heavily weighted financial subindex fell 1.5% as shares of Australia’s so-called Big Four banks saw losses on Tuesday. Australia and New Zealand Banking Group fell 3%, Commonwealth Bank of Australia slipped 1%, Westpac declined by 1.4% and National Australia Bank shed 1.8%
The Australian dollar was at $0.7182 U.S. after seeing an earlier low of $0.7170.
CHINA
In Shanghai, the CSI 300 lost 32.77 points, or 1%, to 3,128.43
In an address to commemorate the 40th anniversary of China’s economic reforms on Tuesday, Xi called for his country to "stay the course" on its current path of reform and emphasized that "no one is in a position to dictate to the Chinese people what should or should not be done."
Xi’s remarks were being closely watched as investors sought clues on whether the Chinese leader’s idea of progress aligned with the West’s increasingly vocal demands for less state control, which could have implications on whether the U.S. reaches a trade deal with China by the end of its 90-day tariff ceasefire.
In other markets
In Taiwan, the Taiex index withered 68.71 points, or 0.7%, to 9,718.82
In Korea, the Kospi index slid 8.98 points, or 0.4%, at 2,062.11
In Singapore, the Straits Times Index drooped 68.71 points, or 2.2%, to 3,045.54
In New Zealand, the NZX 50 let go of 57.22 points, or 0.7%, to 8,688.37
In Australia, the ASX 200 slouched 68.8 points, or 1.2%, to 5,589.47
