Asian markets tumble after a tough day on Wall Street
CNN
Asian markets opened sharply lower on Thursday, continuing Wall Street's downward spiral hours earlier.
Hong Kong's Hang Seng tumbled 2.8%, leading losses in the region. Japan's Nikkei also dropped more than 2%. Korea's Kospi was down 1.6%. China's Shanghai Composite Index shed 1%.
The US stock market had a steep sell-off on Wednesday, as investors grow increasingly worried about rising inflation and a possible economic recession. The Dow Jones Industrial Average lost 3.6%, its worst trading day since June 2020. The S&P 500 sank 4%, and the Nasdaq Composite skidded 4.7%.
President Joe Biden asserted Friday that Hamas has been degraded to a point where it can no longer carry out the type of attack that launched the current 8-month conflict in Gaza, laying out a three-phase proposal Israel has submitted to wind down the grinding crisis as he declared, “It’s time for this war to end.