Asian markets plunge further amid tariff fallout; Trump says ‘sometimes you have to take medicine’ – business live
Nikkei plunge nears 9% as Japanese bank stocks plummet
Japan’s Nikkei share average tumbled nearly 9% early on Monday, while an index of Japanese bank stocks plunged as much as 17%, as concerns over a tariff-induced global recession continue to rip through markets.
The Nikkei dropped as much as 8.8% to hit 30,792.74 for the first time since October 2023. The index was trading down 7.3% at 31,318.79, as of 0034 GMT, Reuters reports.
All 225 component stocks of the index were trading in the red.
The broader Topix sank 8% to 2,284.69.
A topix index of banking shares slumped as much as 17.3%, and was last down 13.2%.
The bank index has borne the brunt of the sell-off in Japanese equities, plunging as much as 30% over the past three sessions.
Key events
European stock markets are heading for fresh heavy losses when bourses open in an hour’s time, following the slump in Asia-Pacific markets today.
The Eurostoxx 50 index, of Europe’s 50 largest companies, is on track to fall round 4%. The futures market also indicates the UK’s main share index, the FTSE 100, could fall 2% at the open, at 8am.
Wall Street is also on track for another rout.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, has the details:
Wherever we look this morning, it’s a bloodbath. The S&P500 is down by almost 4% at the time of writing, Nasdaq futures are down by more than 4%, same for the European futures and the week hasn’t even started yet
