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Markets were broadly lower, with Japan’s Nikkei 225 (N225) down more than 3% – easily the worst major performer – after Wall Street closed its worst week in months on Friday, down 1.6% on the Dow Jones Industrial Average (INDU). Hong Kong’s Hang Seng Index (HSI) is down 1.1% and South Korea’s Kospi Index (KOSPI) is down 0.8%. The China Shanghai Composite Index (SHCOMP) was the regional hub in Asia, rising 0.1%. The spillover spilled over into Europe, with London’s FTSE 100 (UKX) down 0.1%. France’s CAC 40 (CAC40) slid 0.2%, while Germany’s DAX (DAX) edged up 0.2%. The declines followed volatility in the United States on Friday, where a weak closing of the Dow Jones Industrial Average dropped 3.5% for the week, its worst decline since late January. The S&P 500 (SPX) lost 1.3% on Friday, while the Nasdaq Composite (COMP) fell 0.9%.
US futures were muted early Monday, little changed.
Wall Street was already going through a tough week, but stocks fell further on Friday after St. Louis Federal Reserve Chairman James Bullard told CNBC that he believes the Fed should raise interest rates as soon as next year ends. This was more hawkish than the signal the Fed sent on Wednesday that it might raise interest rates twice by late 2023, and Wall Street is concerned about inflation. But investors are also concerned about the Federal Reserve withdrawing the stimulus it is pumping into the market to counter the economic impact of the Covid-19 pandemic, and the crypto market is also suffering on Monday, although it was not immediately clear why. Bitcoin is down more than 6% in the past 24 hours, trading at just over $33,000 per coin, according to CoinDesk. Ethereum is down more than 7%, while dogecoin is down more than 8%.
– Paul R. La Monica and Julia Horowitz contributed to this article.
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