Asian stocks are tumbling

Asian stocks, having enjoyed a stellar session on Wednesday, are wallowing in the red today.

Halfway through the session most major markets are trading in negative territory with the Nikkei – having recorded its largest one-day percentage increase since October 2008 yesterday – leading regional losses.

It currently sits down just shy of 3%, marginally shading a 2.0% decline for Australia’s ASX 200.

Elsewhere the losses range from 0.34% in Taiwan to 1.48% in Singapore. The KOSPI in South Korea is the exception, adding 0.07%.

Chinese stocks, after a staging 5% plus rally over the previous two sessions, are currently sitting down around 1% at the mid-session break. The benchmark Shanghai Composite index closed at 3211.93, a decline of 0.96%.

Earlier in the session inflation figures were released that revealed producer price deflation accelerated to a fresh six-year low for August. The sharp decline will do little to appease concerns over domestic demand, or the broader Chinese economy.

In currency markets, the New Zealand dollar has fallen more than 1.5% following a rate cut from the Reserve Bank of New Zealand this morning. While that was all but expected, the dovish monetary policy statement that accompanied the cut was not, leading to the sharp decline in the Kiwi.

Elsewhere the Australian dollar has reclaimed the US 70 cent level – having fallen below it earlier in the session – on the back of a better-than-expected jobs report for August. Most other major pairs are trading flat.

In commodity markets, crude and copper futures are trading lower while precious metals are flat. Continuing the theme seen in recent trading sessions, Dalian iron ore futures are up by 1.89%.

Stocks

  • ASX 200 5116.70 , -104.43 , -2.00%
  • Nikkei 225 18313.11 , -457.40 , -2.44%
  • Shanghai Composite 3211.93 , -31.16 , -0.96%
  • Hang Seng 21606.64 , -524.67 , -2.37%
  • KOSPI 1935.49 , 1.29 , 0.07%
  • Straits Times 2884.71 , -43.47 , -1.48%
  • S&P 500 Futures 1940.25 , -2.50 , -0.13%

Forex

  • USD/JPY 120.52 , 0.04 , 0.03%
  • USD/CNY 6.3845 , 0.0077 , 0.12%
  • AUD/USD 0.7006 , -0.0008 , -0.11%
  • NZD/USD 0.6284 , -0.0101 , -1.58%
  • AUD/JPY 84.42 , -0.08 , -0.09%
  • EUR/USD 1.1208 , 0.0004 , 0.04%
  • GBP/USD 1.5349 , -0.0014 , -0.09%
  • USD INDEX 95.925 , -0.0870 , -0.09%

Commodities

  • Gold $1,106.65 , $0.95 , 0.09%
  • Silver $14.57 , -$0.04 , -0.27%
  • WTI Futures $43.57 , -$0.58 , -1.31%
  • Copper Futures $2.435 , -$0.01 -0.31%
  • Iron Ore Futures ¥405.00 , ¥7.50 , 1.89%

10-Year Bond Yields

  • Australia 2.706%
  • New Zealand 3.330%
  • Japan 0.355%
  • Germany 0.704%
  • UK 1.877%
  • US 2.185%

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.