Tue, 09 Aug 2022

SYDNEY, NSW, Australia - Asian stocks joined the global sell-off on Tuesday, sending all the major indices lower, however, the extent of damage was limited.

The U.S. dollar remained strong, pushing down the commodity currencies to multi-month lows. Bitcoin dived more than 4 percent to $29,700.

At the close on Tuesday, the Nikkei 225 in Tokyo was off 264.58 points or 0.96 percent at 27,388.16.

The Australian All Ordinaries shed 33.90 points or 0.45 percent to 7,525.80.

China's Shanghai Composite fared best, losing just 2.33 points or 0.07 percent to 3,536.79.

In Hong Kong, the Hang Seng dispensed with 264.58 points or 0.96 percent to 27,388.16.

The euro weakened some more Tuesday to 1./1778. The British pound declined to 1.3632. The Japanese yen was a tad weaker at 109.53. The Swiss franc softened to 0.9187.

The Canadian dollar dived to 1.2778. The Australian dollar finished in Sydney Tuesday at 0.7315, an 8-month low, after a third state, South Australia, announced it was going into a seven-day lockdown.

The New Zealand dollar was weaker at 0.6893.

Overnight on Wall Street, the Dow Jones tumbled 725.81 points or 2.09 percent to 33,962.04.

The Standard and Poor's 500 sank 68.64 points or 1.59 percent to 4,258.52.

The tech-laden Nasdaq Composite slumped 152.25 points or 1.06 percent to 14,274.98.

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