BUSINESS

Wall Street Beating Takes Down Asian Stocks

Asian stock markets sank in a sea of red after Wall Street suffered its worst drubbing in eight months, threatening business confidence and investment across the globe.

The global plunge erased hundreds of billions of dollars of wealth. The head of the international monetary fund said stock market valuations have been "extremely high."

At the midday break, the Japan's Nikkei was down 3.9 percent, while china's shanghai composite index fell 4.3 percent, hitting the lowest level since late 2014.

South Korean stocks tumbled to its lowest since April 2017, with the Kospi's 2.9 percent plunge deepening its losses over the last eight sessions to more than 8 percent.