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'Panic situation': Asian stocks tumble amid fears of new global recession
Japan’s Nikkei index plummeted more than 950 points on Tuesday, its biggest loss in one day since May 2013, as the fears over the global economy saw a continuation of the previous day’s selloff in Europe and the US.
The Nikkei dived 5.1% to 16,132.25 in morning trading and extended losses into the afternoon, while Australia’s S&P/ASX 200 fell 2.6% to 4,946.70. Markets were also down in the Philippines, Indonesia, Thailand and New Zealand. The yen meanwhile briefly soared to a 14-month high against the US dollar.
The MSCI’s index of Asia-Pacific shares outside Japan fell 1% and might have fallen further had several Asian markets not been closed.
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