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Asia-Pacific markets tumbled in a volatile session on Tuesday after Wall Street slumped sharply overnight as investors grapple with fallout from failing U.S. banks, including Silicon Valley Bank.
In Japan, the Topix led the losses, falling 2.67% to 1,947.54, while the Nikkei dipped to 225.
Closed at 27,222.04 points, down 2.2% compared to SoftBank Group’s stock price
It fell 3.5 percent in early trade to its lowest level since October last year.
South Korea’s Kospi also fell 2.56 percent to close at 2,348.97 points and the Kosdaq lost 3.91 percent to close at 758.1 points. Hong Kong Hang Seng Index
The Hang Seng Technology Index fell 2.5 percent, while the Hang Seng Technology Index fell 2.81 percent. In Mainland China, the Shanghai Composite Index
Down 0.72%, to close at 3245.31, Shenzhen constituent stocks
It fell 0.77% to close at 11,416.57.
In Australia, the S&P/ASX 200
It fell 1.41% to 7,008.9, mainly driven by losses in the banking industry. Consumer confidence in the economy also remains near record lows.
Stock futures edged lower in overnight trade after bank shares rallied on Tuesday, as investors shrugged off fears that the recent turmoil in the banking sector would spread to the broader industry.
Futures linked to the Dow Jones Industrial Average
S&P 500 futures fell 30 points, or 0.1%.
and Nasdaq 100
Futures prices were both down about 0.1%.
and other bank stocks rose in overnight trade on Tuesday’s rally, while shares of homebuilder Lennar
It increased by 3% due to positive earnings results.
The overnight move comes after a positive day for the three major moving averages. Dow Jones Industrial Average
Added 336 points to catch a five-game losing streak. Nasdaq Composite Index
rose 2.14%, while the S&P 500
Gold fell on Tuesday as a rise in U.S. Treasury yields undercut a recent rally fueled by the U.S. banking crisis, while a rise in U.S. inflation in February raised more questions about interest rates than answers.
Spot gold fell 0.2% to $1,909.55 an ounce. U.S. gold futures fell 0.3 percent to $1,910.90.
Higher 10-year U.S. Treasury benchmark yields make zero-yield gold less attractive.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.