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News Topical, Digital Desk : Asian stock markets fell sharply on Monday as investors assessed the impact of new US tariffs, weak jobs data and OPEC+ production hikes. Japan's market slipped the most - Japan's Nikkei 225 index fell more than 2% to below 40,000. The Topix index also fell by about 1.8%. Due to the fall, there was heavy selling in Japanese financial and auto sector companies. The weakness in the yen against the dollar made the situation worse.
Shanghai Composite is down slightly at 3,547. There is a decline in Hong Kong and Australia. Hong Kong's Hang Seng index is trading down by 76 points. This data is up to 7 am Indian time. Australia's S&P/ASX 200 index also slipped by 0.17%.
Why is there panic? Donald Trump's new tariffs have raised concerns of inflation and slowdown across the world. US markets closed lower on Friday, due to which Asian markets also saw selling pressure. Oil prices are expected to fall due to the increase in oil production by OPEC+, but this may affect energy stocks. Investors are now eyeing the US Federal Reserve - expectations of rate cut in September have increased in view of weak job data. Apart from this, the movement of Asian currencies against the dollar, oil prices and US-China trade war will be monitored.
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