On Tuesday, stocks in Asia-Pacific suffered losses after a volatile session overnight on Wall Street.
In Japan, the Nikkei 225 dropped 2.13% as auto and tech stocks were largely down. The Topix declined 2.13%.
In Hong Kong, the Hang Seng index fell more than 2% before recovering slightly to decline 1.65%.
Australia’s ASX 200 pared some losses after falling nearly 3% as banks, miners, as well as oil stocks all plunged across the board. On Tuesday, bank stocks such as ANZ dropped nearly 4%, while Commonwealth Bank of Australia fell 2%. National Australia Bank declined 2.9%. Also, oil stocks fell as Santos dropped 4.82%, Beach Energy plunged 7.77%, and Woodside Petroleum fell 3.98%.
Inflation in the country rose 1.3% in the last quarter of the year, and 3.5% for the year, according to the Australian Bureau of Statistics.
South Korea’s Kospi also fell on Tuesday. It dropped around 2.81%.
The country’s economy rose 1.1% in the fourth quarter of 2021 compared to the previous quarter. For the full year, South Korea’s GDP expanded by 4% in 2021, the fastest in 11 years.
Mainland Chinese stocks declined on Tuesday. The Shanghai Composite dropped 1.12%, and the Shenzhen component fell 1.59%.
Meantime, Singapore’s central bank tightened monetary policy on Tuesday in response to rising prices as global demand recovers and supply-side disruptions persist.
U.S. stocks on Monday
On Monday, U.S. stocks staged a dramatic comeback as investors stepped in to buy beaten-up tech shares following a sharp sell-off earlier in the day.
On Monday, the Dow Jones Industrial Average gained 99.13 points or 0.3% at 34,364.50. The S&P 500 added 0.3% to 4,410.13. The Nasdaq Composite advanced 0.6% to 13,855.13. Last but not least, the Russell 2000 index of small-cap shares closed up as well.