Asian markets traded lower on Tuesday, following overnight losses on Wall Street after US President Donald Trump’s attacks on Federal Reserve Chairman Jerome Powell.
Japan’s Nikkei 225 declined 0.4% and the Topix fell 0.2%.
Chip-related shares dropped, with Tokyo Electron and Advantest losing 1.24% and 1.56%, respectively. Phone company KDDI rose 0.6% to become the biggest support to the Nikkei.
In other Asian stock markets, South Korea’s Kospi fell 0.34% and the small-cap Kosdaq was marginally lower.
Hong Kong’s Hang Seng index futures indicated a slightly weaker opening.
Global market sentiment dampened after US President Donald Trump criticized Federal Reserve Chair Jerome Powell, raising concerns over the central bank’s independence and denting confidence in the US economy.
Trump said that US economy could slow down unless interest rates are lowered immediately.
US Stock Market
The US stock market indices suffered steep losses on Monday as President Trump’s continued attacks on the Federal Reserve chair Jerome Powell and the bank’s monetary policy rattled investors.
The Dow Jones Industrial Average declined 971.82 points, or 2.48%, to 38,170.41, while the S&P 500 slipped 124.50 points, or 2.36%, to 5,158.20. The Nasdaq Composite closed 415.55 points, or 2.55%, lower at 15,870.90.
Meanwhile, the dollar languished near its lowest level in three years. The US dollar index stood at 98.454, after sinking as low as 97.923 in the previous session, a level not seen since March 2022.
Indian Stock Market
The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday following losses in global markets. The trends on Gift Nifty also indicate a lower opening for the domestic markets.
In the previous session on Monday, The Sensex jumped 855.30 points, or 1.09%, to close at 79,408.50, while the Nifty 50 settled 273.90 points, or 1.15%, higher at 24,125.55.
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