Dow plunges 1,000 points along with sinks into correction

Wall Street’s woes have spread to Asia again.

Stocks inside the region plunged Friday, racking up more losses in a brutal week for global markets.

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The Nikkei in Tokyo dropped more than 3%, while Hong Kong’s Hang Seng fell more than 4%. Shanghai stocks fared even worse, plummeting nearly 6% at one point.

The latest trouble for Asian markets followed more grim news via Wall Street. The Dow closed down 4.1% Thursday after another volatile trading session.

Related: Dow plunges 1,033 points along with sinks into correction

the item was the second time in history which the Dow has lost more than 1,000 points in an individual day. The different time was Monday.

The Nikkei is usually currently down 12% via its peak in late January. which means which like the Dow along with some European markets, the item’s in correction territory — a decline of 10% or more via a recent high.

Experts generally agree which the U.S. along with different major economies are in Great shape. although investors are worried about inflation along with the possibility which the Federal Reserve will hike interest rates faster than previously anticipated in order to rein the item in.

Related: This kind of is usually why the Dow is usually plunging

The yield on 10-year U.S. Treasury bonds hit a four-year high on Thursday. Rising yields inside the U.S. government bond market are a decent indicator of fears about inflation.

along with if they stay high, they will continue to set a “pessimistic tone” for Asian markets, said Jingyi Pan, a market strategist at stock broker IG Group.

The gloom was particularly heavy in Shanghai on Friday.

JPMorgan Asset Management’s chief market strategist Tai Hui attributed the selling to “Chinese investors wanting to cash out” before next week’s Lunar completely new Year holiday.

Related: The Dow’s darkest week since 2008

China’s currency was also sliding. The yuan has shed about 1.6% of its value versus the U.S. dollar over the past couple of days.

Tommy Xie, an economist at OCBC Bank, said the yuan’s decline was mainly triggered by a surprise narrowing in China’s trade surplus in January.

Government data published Thursday showed imports surged 37% via a year earlier. A shrinking trade surplus suggests less demand for a country’s currency, which can cause the item to weaken.

The drop has ended a broad rally for the Chinese currency against the dollar in recent months.

— Matt Egan contributed to This kind of report.

sy88pgw (Hong Kong) First published February 8, 2018: 8:24 PM ET