Asian Stocks Decline Following Sell-off on Wall Street By Investing.com

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© Reuters.  Asian stocks declined in morning trade on Thursday


© Reuters. Asian stocks declined in morning trade on Thursday

Investing.com – Asian stocks declined in morning trade on Thursday after the Wall Street recorded the largest daily decline since 2011 and erased all its gains for 2018.

Overnight, the fell 4.4%, the lost 2.4% and the lost 3.1%. Yields in fell the most since May to 3.1%.

Analysts believed several factors including recent earnings disappointment, concerns over Italy’s government budget and tensions in Saudi Arabia were all major headwinds for global equities.

“Weak U.S. housing data, mixed corporate earnings results, trade war fears and concerns regarding a slowing global economy all contributed to the sell off,” Sydney-based Rivkin Securities said in a note to clients.

“Investor sentiment remains cautious as we anticipate the reports of over 100 S&P 500 companies including Amazon (NASDAQ:), Alphabet (NASDAQ:) and Comcast (NASDAQ:).”

In Asia, Japan’s plunged 3.1% by 9:49 PM ET (01:49 GMT). South Korea’s slid 2.2% after official data showed the country’s economy’s growth was slower than expected in the third quarter.

Gross domestic product grew a seasonally adjusted 0.6% in July-September from the previous quarter, the Bank of Korea said, compared with the median forecast of a 0.7% gain.

Index heavyweight SK Hynix Inc (KS:)’s shares dropped despite reporting better-than-expected earnings. July-September operating profit rose 73% year-on-year to 6.5 trillion won, compared with the expected 6.3 trillion won.

Sales rose 41% to a record high of 11.4 trillion won compared to the same period last year.

Elsewhere, China’s and the fell 1.7 and 2.2% respectively. Hong Kong’s was down 1.9%.

Down under, Australia’s slid 2.2% in morning trade.

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