Misery on US Stock Market Spreads to Asia Tuesday
Asia's benchmark stock indexes collapsed Tuesday, as Monday's massive selloffs on Wall Street rolled across the globe.
Japan's Nikkei 225 index lost as much seven percent of its value at one point during the trading session, before closing at 21,610 points, a loss of nearly five percent. Hong Kong's Hang Seng index followed suit, dropping just over five percent in its worst trading day since August 2015.
The benchmark indexes Australia and South Korea also suffered serious losses.
In early Europe trading London's FTSE 100 was down 3.5 percent at 7,081 points.
Asian markets were caught in the ripple effect of Monday's 1,175-point loss on the Dow Jones Industrial Average, marking the biggest point decline in history. The S&P (Standard and Poor's) 500 also had a bad day, losing just over four percent to finish at 2,648 points.
The stock market has now lost about a trillion dollars in value since Friday, when the Dow lost 666 points. That drop followed a solid jobs report that showed the U.S. economy adding 200 thousand jobs and wages rising at the fastest pace in a decade. The tighter labor market and rising wages prompted investor fears of higher inflation and the possibility that the U.S. Federal Reserve would raise interest rates faster and higher than they have in recent years.
Germany says N. Korea Got Nuclear Equipment through Its Berlin Embassy
North Korea has been getting equipment and technology for its nuclear weapons program through its embassy in Berlin, Germany's intelligence chief says.
BfV head Han-Georg Maassen told German public television NDR that German authorities suspect underground markets and shadow buyers got their hands on the parts and the North Koreans procured them in Germany.
He did not say exactly what equipment the North Koreans bought, but said it is likely duel-use technology, meaning it has civilian and military purposes.
The German TV report says the North carried out its activities in Germany in 2016 and 2017, but that a North Korean diplomat tried to buy a monitor used in chemical weapons production as early as 2014.
A North Korean embassy spokesman denies the report, telling CNN it is "simply not true."