Asia-Pacific stocks extended losses on Friday, tracking the sharp declines on Wall Street after President Donald Trump’s sweeping tariffs unsettled global markets.
By 11:35 am AEDT (12:35 am GMT), Australia’s S&P/ASX 200 dropped 1.3%, South Korea’s Kospi 200 fell 0.7%, and Japan’s Nikkei 225 slid 2%.
Markets in Hong Kong and China are set to remain closed for the Qingming Festival.
Meanwhile, South Korean political uncertainty loomed as the Constitutional Court prepared to rule on the removal of impeached President Yoon Suk Yeol later Friday.
If ousted, a 60-day countdown would begin for a new presidential election.
Trump's tariff announcement on Wednesday (Thursday AEDT) rattled investors, with Trump revealing reciprocal tariff rates for over 180 countries and territories, raising concerns over a potential global trade war.
Overnight, U.S. markets saw their worst declines in five years. The Dow Jones Industrial Average tumbled 1,679.4 points or 4% to 40,545.9, the S&P 500 fell 4.8% to 5,396.5, re-entering correction territory, and the Nasdaq Composite dropped 6% to 16,550.6, marking its largest decline since March 2020.
Commodities also faced heavy losses. Brent crude plummeted 6.4% to US$70.14 per barrel, while spot gold edged down 0.6% to US$3,108.51 per ounce.
Chinese equities finished lower, with the Shanghai Composite dipping 0.2% to 3,342.0, while the CSI 300 eased 0.6% to 3,861.5.
Hong Kong’s Hang Seng Index dipped 1.5% to 22,849.8, and India’s BSE Sensex lost 0.4% to 76,295.4.
European markets followed the downward trend, with the FTSE 100 falling 1.6% to 8,474.7, the DAX slipping 3% to 22,717.4, and the CAC 40 declining 3.3% to 7,599.0.
