The 225-issue Nikkei Stock Average closed down 650.23 points, or 3.01 per cent, at 20,977.11, its largest loss since December 2018. Hong Kong and China also lost 2 per cent each.ASIAN markets witnessed a bloodbath on Monday, as worries of a global growth slowdown grew but there was no reason to worry, just yet.
Markets in Japan dropped 3 per cent, and Hong Kong and China were both 2 per cent lower. Even Thailand, where observers are bullish on a pro-business government, saw its blue-chip index dip 1.2 per cent. While a mildly inverted yield curve is not as strong of a recession signal than in previous cycles, Mr Tay added that it still has negative implications on banks' profitability. As such,"it's not surprising that the markets have reacted negatively" as banks are a major component of equity benchmarks.
Thus, Ms Goh suggests that investors would benefit from being cautious after a decent first quarter for Asian markets as"we are likely to go though a soft data patch".
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