All eyes turned to Shanghai at 11:30am AEST, after reports of US plans to ban Chinese investment in American tech companies sent shockwaves through US and European markets.
And as most participants expected, the selloff in US stocks has extended to Chinese markets in early trade.
A short time ago, the Shanghai Composite index was down almost 1%, with heavier falls in the Shenzhen-based CSI300 index of larger Chinese companies.
Stocks in Hong Kong were also down by more than 1% while falls in Japan, South Korea and Australia have been less pronounced.
Here’s the scoreboard at 1:15pm AEST, via Investing.com:
The tech-focused ChiNext index has reversed the trend of other major indexes in China to post a INSERT gain, after it crashed by more than 5% in last week’s selloff.
However, stocks in Chinese real estate developers are plunging across the board after the state-owned National Development bank said it would stop approving loans for certain projects:
#Chinese #RealEstate developers are plunging in mainland and HK.
It's reported the National Development bank will stop approving #PSL (Pledged Supplementary Lending) for shanty town development, an important source of base money expansion and credit for the real estate sector. pic.twitter.com/k9YwlQZpkj
— YUAN TALKS (@YuanTalks) June 26, 2018
US stock market futures started the day in positive territory, but a short time ago futures markets for the S&P500 were pointing 0.06% lower.
In currencies, the Australian dollar is lower across the board and only just holding above US74 cents in midday trade.
The US dollar is also edging higher against most of the major Asian currencies, with the exception of the safe-haven Japanese yen:
Stocks in China and Hong Kong will pause for the lunch break at 1:30pm AEST, before resuming trade at 3pm AEST.