Sun, 05 Apr 2020

Asian markets tremble with fear, stocks fall across board

Lola Evans
28 Feb 2020, 15:49 GMT+10

SYDNEY, Australia - The carnage on global markets continued on Friday as selling in Asia extended falls overnight.

The Dow Jones had its biggest one day fall ever on Thursday, shedding nearly 1,200 points.

It was a dramatic scene for Asian traders arriving at their desks on Friday to see the damage done on markets around the world.

In Tokyo, the Nikkei 225 plummeted 946.18 points or 4.31% to 21,002.05.

The Australian All Ordinaries dropped 228.50 points or 3.39% to 6,508.90.

Frenzied selling was also taking place in Hong Kong and in mainland China. At the close of trading Friday the Hang Seng was down 648.61 points or 2.42% at 26,129.93.

The Shanghai Composite, which had been down more than 200 points or 7% earlier, recovered to be down 111.03 points or 3.71% at 2,880.30.

The U.S. dollar fell further in Asia on Friday against the euro and the yen, but gained aground against the commodity currencies.

The euro was quoted at 1.1001 late in Sydney trading on Friday. The Jpanaese yen edged up to 108.88. The Swiss franc firmed to 0.9671.

The British pound was a tad easier at 1.2886.

The Canadian dollar dropped a few points to 1.3445. The Australian dollar spiked lower after a week of relentless losses. Late Friday in Sydney the aussie was changing hands at 0.6522.

The New Zealand dollar was also sharply weaker at 0.6236.

Overnight on Wall Street, the Dow Jones industrials were down 1,190 points or 4.42% at 25,766.64.

The Standard and Poor's 500 dived 137.63 points or 4.42% to 2,978.76

The Nasdaq Composite dropped 414.29 points or 4.61% to 8,566.48.

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