Asia-Pacific markets extended their sell-off Monday as fears over a global trade war sparked by U.S. President Donald Trump’s tariffs fueled a risk-off mood.
Japanese markets led losses in the region in early trade. The benchmark Nikkei 225 plunged 8.03% while the broader Topix index plummeted 8.64%. Earlier in the day, trading in Japanese futures was suspended due the market hitting circuit breakers.
Over in South Korea, the Kospi index fell 4.34% at the open, while the small-cap Kosdaq fell 3.48%.
Australia’s S&P/ASX 200 declined 6.07% at the open. The benchmark slid into correction territory with an 11% decline since its last high in February, in its previous session.
Futures for Hong Kong’s Hang Seng index stood at 22,772 pointing to a stronger open compared to the HSI’s last close of 22,849.81.