The Japan stocks confirmed a bear market on Monday, with the Nikkei 225 and Topix dropping over 12% and falling more than 20% from their all-time highs in July. This decline was the worst for the Nikkei since the “Black Monday” of 1987. The sell-off continued from last week, with South Korea’s Kospi falling 8.1% and trading being halted due to circuit breakers. China’s service sector expanded in July, while Taiwan’s benchmark index and Australia’s S&P/ASX 200 also fell. The Reserve Bank of Australia is expected to hold rates steady, but markets are watching for any signals of a rate hike. In the U.S., stocks fell sharply on Friday after a weaker-than-anticipated jobs report, with the Nasdaq entering correction territory. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all experienced losses. Overall in Asia, Hong Kong’s Hang Seng index and mainland China’s CSI 300 saw smaller losses compared to other markets. Investors are also monitoring key trade data from China and Taiwan, as well as central bank decisions from Australia and India.
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Nikkei experiences biggest one-day drop since 1987 and Japan stocks enter bear market; Kospi trading halted in South Korea
