Nikkei 225 slid 1.1% to 38,953.44, Kospi skidded 1.5% to 2,445.90, Hang Seng stumbled 0.5% to 19,754.92 and S&P/ASX 200 tumbled almost 1.0% to 8,178.00
Asian stocks on Wednesday followed Wall Street lower as momentum cooled for “Trump trade” that swept U.S. markets following Donald Trump’s presidential victory.
Nikkei 225 slid 1.1% in morning trading to 38,953.44, as wholesale inflation hit its highest level since July of last year. The corporate goods price index, which measures the price changes of goods traded in the corporate sector, gained 3.4% in October year-over-year, according to BoJ data. The rise was partly attributed to the decline of the Japanese yen against the U.S. dollar.
Kospi skidded 1.5% to 2,445.90. Samsung Electronics shares tumbled by 2.1% in Wednesday trading, hitting their lowest level in more than four years.
Hang Seng declined for a fourth day, stumbling 0.5% to 19,754.92. The Shanghai Composite added 0.2% to 3,426.98.
S&P/ASX 200 tumbled almost 1.0% to 8,178.00.
U.S. futures tumbled while oil prices rose.
On Tuesday, the S&P 500 slid 0.3% to 5,983.99, a day after setting its latest all-time high. The Dow Jones Industrial Average stumbled 0.9% to 43,910.98, and the Nasdaq composite slipped 0.1% to 19,281.40.
Stocks had been broadly rising since last week on expectations that Trump’s preference for lower tax rates and other policies may mean faster economic growth, as well as bigger U.S. government debt and higher inflation. Some areas of the market soared on smaller U.S. stocks seen as benefiting the most from Trump’s “America First” ideas.
They gave back some of their big gains Tuesday, and the Russell 2000 index of smaller companies declined a market-leading 1.8%. Tesla, which is run by Trump’s ally Elon Musk, slid. It declined 6.1% for its first loss since before Election Day.
