Asia report: Markets follow Wall Street sharply lower

Markets in Asia followed Wall Street’s lead to finish sharply lower on Tuesday, after huge losses were posted by US markets overnight.

In Japan, the Nikkei 225 was down 4.73% to 21,610.24, as the yen weakened 0.18% against the dollar to last trade at JPY 109.29.

Carmakers, financial plays and technology firms led the losses, as Toyota closed down 2.87% and SoftBank lost 4.9%.

On the mainland, the Shanghai Composite lost 3.38% to 3,369.71, and the smaller, technology-heavy Shenzhen Composite fell 4.44% to 1,726.09.

South Korea’s Kospi was down 1.54% to 2,453.31, while the Hang Seng Index in Hong Kong was 5.12% lower at 30,595.42.

Blue chip technology stocks were lower in Seoul, with Samsung Electronics falling 1.04% by end-of-play.

Oil prices continued to decline, with Brent crude last down 1.12% to $66.87 per barrel, and West Texas Intermediate falling 1.33% to $63.31.

In Australia, the S&P/ASX 200 lost 3.2% to 5,833.30, led lower by the energy subindex, which fell 4.49%.

Of the larger stocks in the sector, Oil Search was down 3.26% and Santos fell 4.44%.

Financials were also down significantly in Sydney, with Australia and New Zealand Banking Group down 2.99% and Westpac Banking Corporation falling 3.13%.

Across the Tasman Sea, New Zealand markets were closed for the Waitangi Day national holiday.

The down under dollars were a mixed bag, with the Aussie last 0.32% weaker against the greenback at AUD 1.2733, while the Kiwi strengthened 0.28% to NZD 1.3726.