Asia takes cue from Wall Street, stocks tumble

Lola Evans
28 Jan 2021, 17:12 GMT+10

It was a red letter day on Thursday on Asian stock markets with all the major indices falling sharply.
The sentiment began with substantial falls of more than 2% in the Dow Jones, Nasdaq and S&P 500 overnight.
On Thursday the Asian markets followed suit.

SYDNEY, NSW, Australia - It was a red letter day on Thursday on Asian stock markets with all the major indices falling sharply.

The sentiment began with substantial falls of more than 2% in the Dow Jones, Nasdaq and Standard and Poor's 500, and similar falls in Europe and the UK, a day earlier.

On Thursday the Asian markets followed suit. In Japan the Nikkei 225 tumbled 437.79 points or 1.53 percent to 28,197.42.

The Australian All Ordinaries declined 142.60 points or 2.02 percent to 6,917.60.

In Hong Kong, the Hang Seng index shed 746.76 points or 2.55 percent to 28,550.77.

China's Shanghai Composite dropped 68.17 points or 1.91 percent to 2,505.18.

The U.S. dollar continued to pick up steam on Thursday in Asian trading, however the euro managed to edge up some points to finish the day in Sydney around 1.2092.

The British pound extended losses to fall to 1.3662. The Japanese yen fell to 104.32. The Swiss franc eased to 0.8893.

The Canadian dollar weakened to 1.2839. The Australian dollar was sharply lower at 0.7622. The New Zealand dollar fell to 0.7127.

Overnight on Wall Street, the Dow Jones index plummeted 633.87 points or 2.05 percent to close at 30,303.17.

The Nasdaq Composite tumbled 355.47 points or 2.61 per cent to 13,270.60.

The Standard and Poor's 500 shed 98.85 points or 2.57 percent to 3,750.77.

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