e jitters weigh on Asian markets

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e jitters weigh on Asian markets

Asian equities spooked by e nuclear plant fire

Overnight, European stock markets were crushed once again under ian nerves as commodity prices across the board soared. US stocks managed a modest recovery as bond yields steadied and hopes rose of an Iranian nuclear deal. But Wall Street still finished lower on the day, notably in the tech space. The S&P 500 fell by 0.43%, the Nasdaq dropped by 1.44%, and the Dow Jones edged 0.28% lower.

US futures, and the rest of Asia, have dropped this morning on the e nuclear power station fire situation, with all three indexes down around 0.80%. The contagion has spilt into the Nikkei 225, which has tumbled by 2.30%, while the Kospi has fallen by 1.15%.

In mainland China, the Shanghai Composite is 0.40% lower, while the CSI 300 has dropped by 0.65%. Hong Kong is in full retreat, complicated by their rapidly deteriorating Covid-19 situation and the weighting of China tech heavyweights, the Hang Seng has tumbled by 2.50%.

Regional Asia sees Singapore down 0.50% and Taipei down 0.80%. Commodity-heavy Jakarta, returning from holiday, has bucked the trend and risen by 0.80%, but Kuala Lumpur is 1.20% lower. Bangkok is down 0.90% and Manila by 0.40%. Australian markets are following sentiment and not commodity prices this morning, the ASX 200 and All Ordinaries retreating by 0.85%.

The Zaporizhzhia situation, despite the reactors being intact and the fire actually being outside of the perimeter, has opened a new thread of risk around the -e conflict. It is likely to unnerve European markets meaning that the downward spiral seen yesterday is likely to continue this afternoon. US markets, conversely, remain at the mercy of fast-money flows trading headlines.

Source: e jitters weigh on Asian markets