Asia Stocks Slide after Wall St losses
Asian shares tumbled in early trade on Wednesday, following in the footsteps of Wall Street, which pulled back on disappointing earnings, while the dollar inched down from a seven-month high and oil prices slid. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent.
Japan's Nikkei lost 0.2 percent, while South Korea's KOSPI dropped 0.8 percent and Australia fell 1.4 percent. US stocks ended Tuesday down between 0.3 and 0.5 percent, as results and forecasts from companies in sectors including housing and consumer products missed expectations.
Apple too dragged the market lower, as iPhone sales, which were better than expected, nevertheless continued a declining trend. The company also forecast slimmer-than-expected profit margins over the coming holiday season, even as it projected record sales.
The US declines followed a mixed performance in Europe, with British shares closing up 0.45 percent, Germany flat after hitting its highest level this year, and France down 0.3 percent. The broader European STOXX 600 fell 0.3 percent.
Asian shares tumbled in early trade on Wednesday, following in the footsteps of Wall Street, which pulled back on disappointing earnings, while the dollar inched down from a seven-month high and oil prices slid. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent.
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