Following the steep falls seen in US and European markets on Friday, Asian shares have been hosed in early Monday trade.
The Nikkei in Japan has sunk 2.07% to 19034.1, with the index now at its lowest level since early April. Since hitting an August 11 high of 20946.9, the index has now lost 9.21%.
In Australia, the losses are even greater with the benchmark ASX 200 currently off 2.20%. At 5100.5, it’s at the lowest level since February 6, 2014. From this year’s high of 5996.9 it’s lost 15% – 11% alone since August 4.
The KOSPI in South Korea is the relative outperformer, only losing 0.53%.
Having fallen by more than 3% on Friday, US stock futures are also under pressure. In early trade they’re lower by between 0.6-0.7%.
Chinese stocks, likely to be the centre of attention again in Asia, will resume trade at 11.30am AEST.
In currency markets both the Australian and New Zealand dollars are lower by more than 0.9%, reflective of the “risk off” tone seen in stocks.
Elsewhere the Japanese yen has strengthened 0.18% while the British pound has lost 0.17%. The euro is also lower by 0.11%, although its losses are muted thanks to carry trade positions being unwound in higher-yielding currencies such as the Australian dollar.
Commodities are also under pressure, although not to the same degree as stocks. US crude futures are down 1%, flirting with the $40 a barrel level once again, while front-month Brent crude futures are off 0.66% to $45.16.
Unlike Friday when it rallied modestly, gold is also trading lower with spot currently down 0.12% at $1159 an ounce.
Business Insider Emails & Alerts
Site highlights each day to your inbox.