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Asian markets open with investors on edge after Dow extends losses – live Asian markets open with investors on edge after Dow extends losses – live
(34 minutes later)
2.20am BST02:20
Will no one think of the billionaires?
Bloomberg says 24 billionaires saw their wealth fall by more than $1bn on China’s Black Monday.
The biggest loser was the richest man in Asia, Chinese tycoon Wang Jianlin, who lost US$3.6bn, the Bloomberg Billionaires Index says. He still has US$31.2bn left.
Microsoft founder Bill Gates was the second biggest loser of the day, with US$3.2bn wiped from his fortunes.
Hong Kong resident Li Ka-shing came in third, with a loss of US$1.5bn, followed by Jack Ma, founder of ecommerce group Alibaba and the third richest man in Asia, who waved goodbye to US$546m.
Updated at 2.25am BST
2.11am BST02:11
Reuters reports from Manila that gold has edged up this morning following its biggest drop in five weeks, as global equities were revived after China cut interest rates and bank reserve requirements to support a flagging economy.
But China’s move appears to have only boosted equities temporarily, with US stock futures resuming their descent and Asian shares slightly lower. Further losses in equities could switch appetite back to safe-haven assets such as gold.
2.05am BST02:05
Meanwhile, back to China, where all is rosy, according to Xinhua, the state’s official news agency:
Despite the tumbling of stock markets, investors should forgo their unnecessary anxiety over China because the long-term prediction for China’s economy still remains rosy and Beijing has the will and means to avert a financial crisis.
The plunge of stocks, the depreciation of China’s currency and its slowing growth pace after years of high-speed development have all put a question mark on the health of the world’s second largest economy.
However, such a worry is completely unnecessary. China’s economy will remain robust and the positive prediction on its future should not be affected by the current fluctuation of stock markets.
International investors should calm themselves down and drop their unfounded anxiety over China’s economic future.
That’s all OK, then.
2.00am BST02:00
Here’s a reminder of how things looked from the US at the close of Tuesday, with the Nasdaq, the Dow and the S&P 500 all down at the closing bell:
1.54am BST01:54
Nikkei falls 0.22% in first 15 minutes of trading
Justin McCurry
And the Guardian’s Justin McCurry sends this from Tokyo:
More volatility has hit Japanese stocks this morning, after further losses on Wall Street, a rate cut by China’s central bank and a rebound in European stocks.
In the first 15 minutes of trading in Tokyo, the Nikkei fell 39.6 points, or 0.22%, following a drop of nearly 4% on Tuesday.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 2.83 points, or 0.20%, with insurance firms, banks and the retail sector among those starting the day on an upward curve.
1.51am BST01:51
Tom Phillips
My colleague Tom Phillips sends this update from Beijing:
This what China’s Global Times newspaper has to say this morning about the country’s week of stock market chaos and what it tells us about the wider economy.
The Communist party-controlled paper dismissed foreign doomsayers who are warning of a major financial slowdown here:
The Asian stock market followed the fall of the Chinese stock market on Monday, but surged yesterday. This shows that the outside came to realise that the Chinese stock market and the economy are not closely related.
The crash has made many people lose heart, but a severe financial or social impact may not come soon.
The economy won’t come to a halt. The driving forces for medium- and high-speed growth still exist, and new impetus for the economic boom has been injected into the economy through reforms.
1.44am BST01:441.44am BST01:44
Markets in Seoul are open, with the Korea Composite Stock Price Index (Kospi) dropping a little in the first 15 minutes of trading: down 0.45 points (0.02%) to 1,846.18.Markets in Seoul are open, with the Korea Composite Stock Price Index (Kospi) dropping a little in the first 15 minutes of trading: down 0.45 points (0.02%) to 1,846.18.
Samsung Electronics fell 1.48% and Shinhan Financial Group slid by 2.11%, the Yonhap news agency reports.Samsung Electronics fell 1.48% and Shinhan Financial Group slid by 2.11%, the Yonhap news agency reports.
But Hyundai Motor (+1.69%) and Kia Motors (+2.73%) were up.But Hyundai Motor (+1.69%) and Kia Motors (+2.73%) were up.
1.36am BST01:361.36am BST01:36
Opening summaryOpening summary
Claire PhippsClaire Phipps
With the Asian markets set to open shortly following days of turmoil, we will have live coverage here of the latest twists and turns.With the Asian markets set to open shortly following days of turmoil, we will have live coverage here of the latest twists and turns.
Tuesday saw world markets continue to seesaw after China’s Black Monday. As my colleague Dominic Rushe reports from New York:Tuesday saw world markets continue to seesaw after China’s Black Monday. As my colleague Dominic Rushe reports from New York:
The Dow Jones industrial average initially appeared to be bouncing back from “Black Monday” – a day when it crashed more than 1,000 points before ending the day down 586 points.The Dow Jones industrial average initially appeared to be bouncing back from “Black Monday” – a day when it crashed more than 1,000 points before ending the day down 586 points.
By noon the Dow was up over 300 points as European markets closed up and investors reacted positively to China’s decision to cut interest rates. But the Dow closed 205 points down, or 1.29%. The S&P 500 ended the day down 25 points, 1.34%, and the Nasdaq closed 0.39% down.By noon the Dow was up over 300 points as European markets closed up and investors reacted positively to China’s decision to cut interest rates. But the Dow closed 205 points down, or 1.29%. The S&P 500 ended the day down 25 points, 1.34%, and the Nasdaq closed 0.39% down.
The second day of drama came after investors continued to sell in China. The benchmark Shanghai composite index closed 7.6% lower on Tuesday following an 8.5% drop on Monday. Over three days the index has fallen 22%.The second day of drama came after investors continued to sell in China. The benchmark Shanghai composite index closed 7.6% lower on Tuesday following an 8.5% drop on Monday. Over three days the index has fallen 22%.
European markets reversed Monday’s losses but will be closely watched on Wednesday for reaction to the US news. In the UK, the FTSE 100 ended a 10-day losing streak to end up 3%, Germany’s Dax was up 5% and in France the CAC rose 4%.European markets reversed Monday’s losses but will be closely watched on Wednesday for reaction to the US news. In the UK, the FTSE 100 ended a 10-day losing streak to end up 3%, Germany’s Dax was up 5% and in France the CAC rose 4%.
Stay stuck to your screens for the latest news here; I’ll also tweet key developments @Claire_Phipps.Stay stuck to your screens for the latest news here; I’ll also tweet key developments @Claire_Phipps.
Related: US stock market gains wiped out to close second volatile day on Wall StreetRelated: US stock market gains wiped out to close second volatile day on Wall Street