Investing.com-- Most Asian stocks sank on Wednesday as a devastating earthquake in Taiwan dented risk appetite, while uncertainty over the path of U.S. interest rates also spurred extended profit-taking in the region.
But concerns over the full impact of the Taiwan earthquake, which rocked the island state on Wednesday morning, were a key point of contention for Asian markets.index fell 0.8% on Wednesday, amid broad-based losses as sentiment was battered by a 7.5 magnitude quake in the country. This uncertainty spurred a measure of profit-taking in markets that had a strong run-up in the first quarter of 2024. Japan’sindex fell 0.5%, retreating further from record highs hit in March. Tsunami warnings were also issued in parts of Japan following the Taiwan earthquake, particularly in Okinawa.Official data released last week also showed China’s manufacturing sector returned to expansion in March, potentially heralding some recovery in the country’s economy after a year of laggard growth.
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