Asia Pacific shares plunge into bear territory amid fears over global economy | Stock markets
Shares in Asia Pacific have plunged into bear market territory and wiped billions off the values of companies as one analyst warned that the losses could be a harbinger of a wholesale “capitulation”.
After the worst day for tech stocks on Wall Street for seven years, markets were in retreat from Sydney to Shanghai as concerns about the global economy and rising borrowing costs were compounded by local factors.
In Australia the benchmark ASX200 closed down 164 points or 2.8% as it suffered its fifth straight day of losses. In Japan the Nikkei was off 3.2% and has now dropped around 13% from a 27-year peak of 24,448.07 touched in early October.
A broad indicator of shares in the region – the MSCI Asia Pacific index – has now fallen…
