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Asian stock markets continue the global fallout

The biggest drop in the region was in Australian stocks, which hit a three-month low.

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Asian stock markets suffered on Tuesday from the aftermath of UK and US investors, who were concerned about a surge in coronavirus cases.

The largest declines in the region were seen in Australia, where stocks hit three-month lows.

Investors were also shaken by faint hopes for more financial support for the US economy.

Equity markets fell in South Korea, Hong Kong and China while Japan was closed for a holiday.

On Monday, UK and US equity markets suffered heavy losses on fears that a renewed surge in coronavirus cases could hurt economic prospects.

More than £ 50 billion wiped off UK stocks, causing similar falls in European and US equity markets.

The negative sentiment spread to Asia, which had previously been the focus of optimism due to the ongoing economic recovery in China.

Australian stocks were dragged to their lowest level since mid-June under pressure from mining and energy stocks.

The major mining companies BHP Group and Rio Tinto each fell around 2%.

Multiple tensions

“The biggest problem for local markets is how the US-China battle for super-dominance of the tech sector, viewed through the lens of the ByteDance / Oracle Walmart deal, is developing,”

; said Stephen Innes, market strategist in Sydney-based finance company AxiCorp.

“Election risk is also coming to the fore with the first US election debate on the 29th, which makes things even worse,” he added.

In Europe, banking stocks were hit with additional concerns as money laundering allegations surfaced in leaked files.

HSBC, the bank at the center of the scandal, posted a 5.3% decline in London. However, the revelations weighed on the entire sector, and other major banks fell by a similar amount.

HSBC stocks hit 25-year lows and continued to decline Tuesday in Hong Kong, falling another 3%.

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