SINGAPORE — Shares in Asia-Pacific largely fell in Tuesday trade following overnight losses on Wall Street, with the tech-heavy Nasdaq Composite falling more than 2%.
In Japan, the Nikkei 225 dropped 2.52%, as shares of Fast Retailing fell 6.95%. The Topix index also declined 1.64%. Earlier, the Nikkei had dropped more than 3% and briefly entered correction territory, declining more than 10% off its mid-September high.
South Korea’s Kospi shed 1.88%. The Hang Seng index in Hong Kong bucked the overall trend regionally, trading flat.
Shares in Australia also slipped, with the S&P/ASX 200 down 0.41%. The Reserve Bank of Australia on Tuesday announced its decision to leave interest rates unchanged.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.54% lower.
Markets in mainland China remain closed on Tuesday for the holidays.
Overnight stateside, the S&P 500 dropped 1.3% to 4,300.46 while the Dow Jones Industrial Average fell 323.54 points to 34,002.92. The Nasdaq Composite slipped 2.14% to around 14,255.49.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.003 after seeing an earlier low of 93.807.
The Japanese yen traded at 111.14 per dollar, stronger than levels above 111.1 seen against the greenback yesterday. The Australian dollar changed hands at $0.7266, largely holding on to gains after its rise from below $0.724 late last week.