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Asia-Pacific markets are poised to slide on Tuesday, tracking losses in the U.S. following anxiety over tariff policy and a potential recession in the world's largest economy.
Japanese markets led losses in the region, with the benchmark falling over 2% shortly after the open, while the broader Topix index fell 1.57%. The country's revised GDP for the fourth quarter came in at 2.
2% on an annualized basis, below economists' expectations and the of 2.8% growth. South Korea's started the day 1.
78% lower, while the small-cap Kosdaq plunged 2.11%. Australia's fell around 1.
28% in early trade, reversing course from gains in the previous session. Futures for Hong Kong's stood at 23,321 pointing to a slightly weaker open compared to its Monday close of 23,783.49.
Overnight in the U.S., stocks slid amid fears that Trump's tariff policy could push the U.
S. into a recession. The shed 2.
7%, after touching its lowest level since September at one point. The tech-heavy saw the sharpest decline, falling 4%, in its worst session since September 2022. The dropped 2.
08%, ending at 41,911.71. The S&P 500 is off 8.
7% from its all-time high on Feb. 19, while the Nasdaq Composite is off nearly 14% from its recent high. A 10% decline is considered a correction on Wall Street.
The losses worsened as the day progressed, but the major averages came off their session lows just before the close. Oppenheimer Asset Management believes investors may be disproportionately rewarding ex-U.S.
assets in the wake of President Trump's new tariffs. "Ironically, since the beginning of the year, foreign markets around the world and particularly in Europe are outperforming the U.S.
equity markets as the world frets over the potential effects of tariffs should they be broadly deployed by the Trump Administration," wrote chief investment strategist John Stoltzfus. "We see some irony in the recent outperformance by foreign markets over the U.S.
markets. In our view, foreign companies in Europe, Asia, and Latin America are likely to suffer even more from deployment of tariffs than companies in the U.S.
" dropped more than 10% on Monday as the latest cult stock showed signs of sputtering out. The defense tech stock is now within striking distance of its flatline for 2025. That marks a turn after shares surged more than 340% last year, making it the performer.
Palantir has become a Part of that optimism is tied to the quirky persona of CEO Alex Karp, who often directly addresses mom-and-pop traders. The stock shot up following President Trump's victory in November. Some pointed out that Peter Thiel, who co-founded of with billionaire entrepreneur Elon Musk, has chaired Palantir's board for more than two decades.
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