A drone view shows containers and cargo ships at a port in Wuhu, Anhui province, China, on Feb. 4, 2025.
China Daily | Via Reuters
Asia-Pacific markets fell on Friday, with yields on long-term Japanese government bonds hitting levels not seen since the 2008 financial crisis.
The moves in Asia markets mirrored losses on Wall Street after U.S. President Donald Trump’s tariff concessions failed to calm investors.
Traders were also worried by economic data from the U.S., which raised alarm that Trump’s policies could hinder the U.S. economy. The Federal Reserve’s Beige Book and the Institute for Supply Management’s manufacturing reading both indicated fear of rising input costs because of the tariffs.
Back in Asia, customs data showed China’s exports in the January to February period rose 2.3% in U.S. dollar terms from a year earlier, significantly undershooting expectations of a 5% increase in a Reuters poll.
That marked the slowest growth since April last year when exports increased by just 1.5% on year, according to LSEG data.
Japan’s benchmark Nikkei 225 led regional losses, closing 2.17% lower at 36,887.17. The broad-based Topix fell 1.56% to end the day at 2,708.59.
South Korea’s Kospi lost 0.49% to close at 2,563.48, while the small-cap Kosdaq dropped 0.98% to end the day at 727.70.
Australia’s S&P/ASX 200 plunged 1.81% to close at a six-month low of 7,948.20.
Hong Kong’s Hang Seng index was down 0.76% in choppy trade in its last hour. Mainland China’s CSI 300 index ended the day 0.31% lower at 3,944.01.
India’s benchmark Nifty 50 and BSE Sensex index were trading flat as at 1 p.m. local time.
Overnight in the U.S., all three major indexes fell, with the Nasdaq Composite falling 2.61% to end in correction territory, which is when an index falls 10% from a recent high.
The Dow Jones Industrial Average slid 0.99%, while the S&P 500 tumbled 1.78%.
— CNBC’s Alex Harring and Pia Singh contributed to this report.