Asian markets sink amid Wall Street losses, new U.S. tariffs against EU

By Marketwatch and Associated Press

Getty Images/iStockphoto

Pedestrians navigate the Shibuya Crossing in Tokyo. Stocks in Japan fell Thursday.

Asian markets fell in early trading Thursday, following losses on Wall Street triggered by fresh worries about an economic slowdown.

U.S. stocks are off to their worst start to a quarter since 2008, as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.12%   has lost more than 800 points in the past two days. Data showing slower job creation and weaker manufacturing output are indicating that the Trump administration’s trade war is taking a toll on the U.S. economy.

Global markets were further uneased after the U.S. announced late Wednesday that it planned to slap tariffs as high as 25% on $7.5 billion of European imports, after the WTO ruled the EU improperly favored Airbus /zigman2/quotes/208224336/delayed FR:AIR -0.30%   over Boeing /zigman2/quotes/208579720/composite BA +2.19%   in a long-running trans-Atlantic dispute.

“The dreary economic data does perhaps suggest that traders could be better sellers in this risk-toxic environment,” Stephen Innes, Asia-Pacific market strategist at AxiTrader, said in a note.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.15%   dropped 2% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +1.11%   slipped 0.4%. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.04%   fell 1.8% and New Zealand’s NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.67%   slid 1%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.81%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.51%  , Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.89%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.77%   all declined. Markets in mainland China and South Korea were closed for holidays.

Among individual stocks, SoftBank /zigman2/quotes/207303954/delayed JP:9984 -1.39%  , Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +1.19%  , Toyota /zigman2/quotes/203803129/delayed JP:7203 +0.87%   and Honda /zigman2/quotes/200490352/delayed JP:7267 -0.21%   all sank in Tokyo trading. Casino operator Galaxy Entertainment /zigman2/quotes/202884203/delayed HK:27 -0.39%   rose in Hog Kong, while Wharf Real Estate /zigman2/quotes/205885756/delayed HK:1997 +0.11%   and CNOOC /zigman2/quotes/203421416/delayed HK:883 +1.78%   declined. In Australia, Beach Energy /zigman2/quotes/200513631/delayed AU:BPT +7.78%  , BHP /zigman2/quotes/201448516/delayed AU:BHP +1.95%   and Westpac Banking /zigman2/quotes/203084975/delayed AU:WBC +1.41%   all fell.

Markets already were on edge about whether President Donald Trump’s tariff battle with Beijing, which is weighing on trade worldwide, might tip the global economy into recession.

U.S. and Chinese negotiators are due to meet this month for a 13th round of talks aimed at ending the fight over Beijing’s trade surplus and technology policies. The two sides have made conciliatory gestures including postponing or lifting some punitive tariffs, but there has been no sign of progress toward settling the core issues in the dispute.

Also Wednesday, investors increased their bets the Federal Reserve will slash interest rates at its next meeting to shield the economy from slowing growth abroad and the effects of the trade war.

Markets are pricing in a 75% probability the Fed will cut short-term rates by half a percentage point at its Oct. 29-30 meeting. The Fed hasn’t cut rates by that large a margin since the 2008 financial crisis.

Benchmark U.S. crude   gained 13 cents to $52.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged 98 cents on Wednesday to close at $52.64. Brent crude  , used to price international oils, lost 6 cents to $57.63 per barrel in London. It fell $1.20 the previous session to $57.69.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0573%   edged down to 107.14 yen from Wednesday’s 107.19 yen.

/zigman2/quotes/210598065/realtime

Add to watchlist DJIA

Dow Jones Industrial Average

US : Dow Jones Global

32,394.25

-37.83 -0.12%

Volume: 0.00

March 28, 2023 4:58p

/zigman2/quotes/208224336/delayed

Add to watchlist FR:AIR

Airbus SE

FR : France: Euronext Paris

€ 118.72

-0.36 -0.30%

Volume: 564,373

March 28, 2023 5:35p

P/E Ratio

22.01

Dividend Yield

1.52%

Market Cap

€94.03 billion

Rev. per Employee

€437,658

/zigman2/quotes/208579720/composite

Add to watchlist BA

Boeing Co.

US : U.S.: NYSE

$ 204.96

+4.39 +2.19%

Volume: 5.46M

March 28, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$119.99 billion

Rev. per Employee

$426,968

/zigman2/quotes/210597971/delayed

Add to watchlist JP:NIK

NIKKEI 225 Index

JP : Nikkei

27,518.25

+41.38 +0.15%

Volume: 0.00

March 28, 2023 3:15p

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

19,784.65

+216.96 +1.11%

Volume: 1.94M

March 28, 2023 4:09p

/zigman2/quotes/210598100/delayed

Add to watchlist AU:XJO

S&P/ASX 200 Benchmark Index

AU : S&P ASX

7,034.10

+72.10 +1.04%

Volume: 2,614

March 29, 2023 8:54a

/zigman2/quotes/211587880/delayed

Add to watchlist NZ:NZ50GR

S&P/NZX 50 Gross Index

NZ : New Zealand: NZX

11,692.75

-78.52 -0.67%

Volume: 0.00

March 29, 2023 11:06a

/zigman2/quotes/210597977/delayed

Add to watchlist TW:Y9999

Taiwan TAIEX

TW : Taiwan Stock Exchange

15,701.48

-128.83 -0.81%

Volume: 0.00

March 28, 2023 1:31p

/zigman2/quotes/210597985/delayed

Add to watchlist SG:STI

FTSE Straits Times Index

SG : Singapore: SGX

3,255.54

+16.51 +0.51%

Volume: 0.00

March 28, 2023 5:20p

/zigman2/quotes/210598052/delayed

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FTSE Bursa Malaysia KLCI

MY : Malaysia

1,409.09

+12.49 +0.89%

Volume: 0.00

March 28, 2023 5:05p

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Add to watchlist ID:JAKIDX

JSX Composite Index

ID : Indonesia Stock Exchange

6,760.33

+51.40 +0.77%

Volume: 0.00

March 28, 2023 3:00p

/zigman2/quotes/207303954/delayed

Add to watchlist JP:9984

SoftBank Group Corp.

JP : Japan: Tokyo

¥ 4,888.00

-69.00 -1.39%

Volume: 9.58M

March 28, 2023 3:00p

P/E Ratio

N/A

Dividend Yield

0.90%

Market Cap

¥7249.41 billion

Rev. per Employee

¥121.67M

/zigman2/quotes/200663563/delayed

Add to watchlist JP:9983

Fast Retailing Co. Ltd.

JP : Japan: Tokyo

¥ 27,975.00

+330.00 +1.19%

Volume: 798,800

March 28, 2023 3:00p

P/E Ratio

32.43

Dividend Yield

0.82%

Market Cap

¥8689.03 billion

Rev. per Employee

¥41.51M

/zigman2/quotes/203803129/delayed

Add to watchlist JP:7203

Toyota Motor Corp.

JP : Japan: Tokyo

¥ 1,805.50

+15.50 +0.87%

Volume: 21.03M

March 28, 2023 3:00p

P/E Ratio

10.17

Dividend Yield

2.94%

Market Cap

¥24792.89 billion

Rev. per Employee

¥95.43M

/zigman2/quotes/200490352/delayed

Add to watchlist JP:7267

Honda Motor Co. Ltd.

JP : Japan: Tokyo

¥ 3,384.00

-7.00 -0.21%

Volume: 4.25M

March 28, 2023 3:00p

P/E Ratio

8.14

Dividend Yield

3.55%

Market Cap

¥5676.71 billion

Rev. per Employee

¥80.37M

/zigman2/quotes/202884203/delayed

Add to watchlist HK:27

Galaxy Entertainment Group Ltd.

HK : Hong Kong

$ 51.60

-0.20 -0.39%

Volume: 6.84M

March 28, 2023 4:08p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$226.21 billion

Rev. per Employee

$474,652

/zigman2/quotes/205885756/delayed

Add to watchlist HK:1997

Wharf Real Estate Investment Co. Ltd.

HK : Hong Kong

$ 44.20

+0.05 +0.11%

Volume: 1.44M

March 28, 2023 4:08p

P/E Ratio

N/A

Dividend Yield

2.96%

Market Cap

$134.05 billion

Rev. per Employee

$4.30M

/zigman2/quotes/203421416/delayed

Add to watchlist HK:883

CNOOC Ltd.

HK : Hong Kong

$ 11.46

+0.20 +1.78%

Volume: 67.24M

March 28, 2023 4:08p

P/E Ratio

4.00

Dividend Yield

6.11%

Market Cap

$514.40 billion

Rev. per Employee

$20.34M

/zigman2/quotes/200513631/delayed

Add to watchlist AU:BPT

Beach Energy Ltd.

AU : Australia: Sydney

$ 1.39

+0.10 +7.78%

Volume: 13.07M

March 28, 2023 4:10p

P/E Ratio

6.39

Dividend Yield

2.17%

Market Cap

$2.93 billion

Rev. per Employee

N/A

/zigman2/quotes/201448516/delayed

Add to watchlist AU:BHP

BHP Group Ltd.

AU : Australia: Sydney

$ 44.40

+0.85 +1.95%

Volume: 323,600

March 28, 2023 4:10p

P/E Ratio

8.00

Dividend Yield

8.99%

Market Cap

$220.58 billion

Rev. per Employee

N/A

/zigman2/quotes/203084975/delayed

Add to watchlist AU:WBC

Westpac Banking Corp.

AU : Australia: Sydney

$ 21.53

+0.30 +1.41%

Volume: 25,300

March 28, 2023 4:10p

P/E Ratio

14.13

Dividend Yield

5.81%

Market Cap

$74.41 billion

Rev. per Employee

$692,203

/zigman2/quotes/210561789/realtime/sampled

Add to watchlist USDJPY

Japanese Yen

US : Tullett Prebon

130.8050

-0.0750 -0.0573%

Volume: 0.0000

March 28, 2023 6:27p