Asia-Pacific markets fell on Wednesday, tracking sharp overnight losses on Wall Street overnight after President Donald Trump escalated rhetoric over Greenland, reviving fears of a broader trade confrontation between the United States and its allies.
By 11:50 am AEDT (12:50 am GMT), Australia’s S&P/ASX 200 was down 0.5%, while Japan’s Nikkei 225 slipped 0.8%. South Korea’s KOSPI 200 also fell 0.5%.
The declines followed a steep sell-off in U.S. markets on Tuesday, where major benchmarks recorded their worst performances in months.
The Dow Jones Industrial Average fell 1.8%, the S&P 500 dropped 2.1%, and the Nasdaq Composite slid 2.4%.
In commodity markets, oil prices rose, with Brent crude gaining 1.5% on Tuesday to settle at US$64.92 per barrel.
Gold prices surged as investors sought safe-haven assets, with spot gold jumping 2% to settle at a fresh record high of US$4,763.67 per ounce.
Chinese markets were mostly lower. The Shanghai Composite finished flat at 4,113.6, while the CSI 300 edged down 0.3% to 4,718.9.
In Hong Kong, the Hang Seng Index dipped 0.3% to 26,487.5, and India’s BSE Sensex fell 1.3% to a 14-week low of 82,180.5.
European equities also closed lower on Tuesday amid mounting trade tensions. The UK’s FTSE 100 slipped 0.7% to 10,126.8, Germany’s DAX fell 1% to 24,703.1, and France’s CAC 40 declined 0.6% to 8,062.6.
