Asian stock markets opened lower on April 9 as investors reacted to the U.S. government’s imposition of broad tariffs on trade partners, particularly a dramatic 104% duty on China. Japan’s Nikkei index dropped over 3.5%, continuing its decline, while South Korea’s Kospi fell into bear market territory with a 20% plunge from its July highs. The downturn was propelled by losses in technology stocks, most notably Advantest (down 9%) and Tokyo Electron (down 4.85%).
The escalating trade war and increasing tariffs have raised apprehensions about a potential global recession, resulting in heightened market volatility. This has led to speculation that the Federal Reserve may need to accelerate interest rate cuts, despite ongoing inflation worries.
In the U.S., Wall Street experienced another challenging session; the S&P 500 fell 1.6%, approaching bear market territory and slipping below 5,000 for the first time in nearly a year. Earlier optimism surrounding possible tariff delays evaporated during the day.
The Bombay Stock Exchange (BSE) Sensex opened lower at 73,886.33, down 340.75 points, while the National Stock Exchange (NSE) Nifty also declined to 22,431.85. Notably, 24 of 30 Sensex stocks were lower, echoing the broader trend in market sentiment.
