Asian stocks plummeted on the afternoon of October 17

Asian stocks fell across the board on October 17, following Wall Street's decline, as fresh concerns about credit markets added to an already volatile environment caused by trade tensions, the risk of a tech stock bubble and the US government shutdown.

A trader works at a securities company in Tokyo, Japan. Photo: Kyodo/TTXVN

Accordingly, Japanese stocks fell on Friday as export stocks were negatively affected by the strong yen. In addition, the market was cautious ahead of the expected parliamentary vote to elect a new Japanese Prime Minister next week. At the end of the trading session, the Nikkei 225 index in Tokyo fell 695.59 points (1.44%) to 47,582.15 points.

Similarly, major indices in China also fell simultaneously. The Hang Seng Index in Hong Kong fell 2.5% to 25,247.10 points, while the Shanghai Composite Index in Shanghai lost 2.0% to 3,839.76 points.

Taipei stocks also fell more than 1%, while Singapore, Sydney, Wellington, Bangkok and Manila were in the red.

After a months-long rally that sent some indexes to record highs, stock markets were rocked this week after US President Donald Trump reignited the tariff standoff with China late last week.

Meanwhile, investors have been keeping a wary eye on the U.S. banking sector since parts company First Brands and subprime lender Tricolor filed for bankruptcy in September. Notably, First Brands owes billions of dollars to lenders.

Zions Bancorp reportedly had to write off $50 million in debt related to commercial loans from its California branch, while Western Alliance said a borrower failed to provide collateral as promised.

The turmoil in regional banks, combined with the recent collapse of Tricolor, has investors questioning the overall health of the US credit market, said National Australia Bank expert Rodrigo Catril.

Meanwhile in Washington, lawmakers are no closer to ending the government shutdown. Traders, however, are still getting some support from expectations that the Federal Reserve will cut interest rates at least once more this year.

In the domestic market, at the end of the trading session on October 17, the VN-Index decreased by 35.66 points (2.02%) to 1,731.19 points. The HNX-Index decreased by 0.97 points (0.35%) to 276.11 points.

Source: https://baotintuc.vn/thi-truong-tien-te/chung-khoan-chau-a-dong-loat-lao-doc-chieu-1710-20251017161727476.htm