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Japan’s Topix falls 2% in Asia selling on Silicon Valley Bank concerns

Pedestrians cross a road in front of the Tokyo Stock Exchange (TSE), which is operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, Thursday, Oct. 29, 2020.

Kiyoshi Ota | Bloomberg via Getty Images

Asia-Pacific markets fell in a volatile session on Tuesday, following heavy losses seen overnight on Wall Street as investors grappled with the fallout from failed banks in the United States, including Silicon Valley Bank.

In Japan, the Topix led losses, falling 2.4%, and Nikkei 225 cast 1.96% as shares of Softbank Group fell as much as 3.5% to its lowest point since last October in Asian morning trade.

South Korea’s Kospi also fell 1.9% and the Kosdaq was 2.5% lower. In Australia is S&P/ASX 200 fell 1.66%, mainly led by losses in the banking sector. The economy’s consumer confidence also remained close to historic lows.

Hong Kong’s Hang Seng Index fell 0.97% – with smaller losses than its regional competitors. In mainland China is Shanghai Composite fell 0.56% and Shenzhen component fell 1.1 percent.

In the US, the Dow Jones Industrial Average saw its fifth consecutive day of losses, even as a plan to stop all depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares. The S&P 500 fell 0.15%, and the Nasdaq Composite rose 0.45%.

Investors will also be keeping a close eye on the US consumer price index for February, due to be released on Tuesday.

— CNBC’s Tanaya Macheel and Alex Harring contributed to this report

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