Benzinga | Sep 24, 2020 02:45AM EDT

Asia Market Recap: Fed's Warning On Economic Recovery Sends Chills Across Asian Stocks

The selloff in U.S. stocks spread to Asia after the Federal Reserve Chairman Jerome Powell warned on the need for more stimulus to aid U.S. recovery.

Japan's Nikkei index is trading down 1.20% at press time. Japan's Core CPI data came in flat, in-line with expectations. Softbank Group Corp. (OTC:SFTBY) is down 4.2% on the Tokyo exchange.

China's Shanghai Composite index is down 1.54%. There is no major economic data scheduled for China today.

Hong Kong's Hang Seng index is down 1.99%. Hong Kong's August trade balance data is due today. HSBC Holdings plc (NYSE:HSBC) is leading the decline in stocks, down 2.4% on Hong Kong's exchange.

Australia's S&P/ASX 200 index is down 0.79%. There is no major economic data scheduled for Australia today.

India's Nifty index is down 1.7%. M3 Money Supply came in at 13.4% v/s 12.6% prior.

South Korea's KOSPI index is down 2.2%. The consumer confidence index for September is due today.

U.S Dollar index futures (USD measured against a basket of five major currencies) are trading flat at 94.44.

On Wednesday, Dow closed down 1.92%, S&P500 down 2.37%, and Nasdaq down 3%. Highly anticipated Jobless Claims data is due at 08:30 ET today.