Explore Business Standard
Asian stocks plunged today after a record-breaking loss on Wall Street, extending a global rout as panicked investors fret over rising US borrowing costs and take profits after months of market euphoria. Tokyo led a collapse throughout the region, briefly diving almost seven percent before closing down 4.7 percent. Hong Kong lost more than five percent in its worst day since summer 2015, while Sydney and Singapore each sank three per cent. Other assets were also hammered, with a slump in oil prices scything energy firms, while higher-yielding currencies have been hit by a flight to safe havens. Dealers tracked their colleagues in New York, where the Dow Monday suffered its worst points fall in history and wiped out all its 2018 gains, while the S&P 500 also took a beating to sit down for the year. Global stocks have enjoyed months of surges fuelled by optimism over the US economy, corporate earnings and the global outlook. The winning streak was fanned by the passage