Japan’s stock market took a hit on Friday, reflecting sharp losses from Wall Street after U.S. tariffs sparked concerns about a global trade war. The Australian S&P/ASX 200 dropped 2.44%, closing at 7,667.8. This marks an 11% decline since its peak in February, putting it into correction territory.
In Japan, the Nikkei 225 fell 2.75% to end at 33,780.58, now down 20% from a recent high in July. The Topix index fared worse, declining 3.37% to 2,482.06. Meanwhile, South Korea’s Kospi slipped 0.86%, closing at 2,465.42. In contrast, the small-cap Kosdaq managed to gain 0.57%, closing at 687.39. This fluctuation followed a significant political shift, as South Korea’s Constitutional Court upheld the impeachment of President Yoon Suk Yeol, leading to his ousting. Prime Minister Han Duck-soo has stepped in as acting president during this transition.
Over in Hong Kong and China, markets were closed in observance of the Qingming Festival. The mood was somber in the U.S. as well, with futures indicating further declines after President Trump’s announcement of aggressive tariffs affecting over 180 countries. This decision resulted in the most significant single-day drop in U.S. equities in five years.
For context, the S&P 500 fell back into correction territory, dropping 4.84% to 5,396.52. The Dow Jones lost nearly 1,680 points, a decline of 3.98%, closing at 40,545.93. The Nasdaq Composite fell 5.97% to 16,550.61, marking its largest drop since March 2020.
Experts are concerned about the implications of the tariffs. Financial analysts predict that prolonged trade tensions could lead to slower global growth. A recent survey by Deloitte found that about 56% of businesses are planning to reevaluate their operations in light of increased tariffs and trade uncertainty.
Investors and traders are watching these developments closely. Social media has been buzzing with reactions, with many expressing anxiety over potential repercussions on both domestic and international economies. The sentiment reflects growing unease in a climate already challenged by inflation and supply chain issues.
Staying informed about these changes is essential for understanding market dynamics and their broader impact on everyday life. For ongoing coverage of financial markets and economic updates, you can check out trusted sources like CNBC or Reuters.
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