Asian stocks fell across the board amid risk aversion on Wednesday as Chinese stocks hit four-month lows despite a series of market-stabilizing measures by authorities. Around half of China's roughly 2,800 listed firms announced trading halts as increasing signs of deleveraging drove down stocks across the board. There were fears that a prolonged slump would cause systematic risk for the country's financial and banking system and the fallout from the market plunge could drag the global economy grappling with Greece's debt woes.
While concerns about an already slowing Chinese economy hit commodity prices, the euro held steady against the dollar after all 28 European Union leaders agreed to meet next Sunday to find a solution to the Greek debt crisis. Greek Prime Minister Alexis Tsipras has told the EU Parliament that his government would work for a socially just and economically sustainable solution to the debt crisis.
Chinese shares plunged once again despite policymakers unveiling more measures to stabilize the market. The benchmark Shanghai Composite index closed down 219.93 points or 5.90 percent at 3,507.19 after plummeting as much as 8.20 percent early in the day.
Hong Kong's Hang Seng index fell 1,458.75 points or 5.84 percent to close at 23,516.56.
Before the market open, China's insurance regulator said it would raise the limit for qualified insurers to invest in blue-chip stocks by 10 percent. The country's securities regulator said its state-backed margin finance firm will provide adequate liquidity for brokerages to help ease the "panic sentiment" in the market.
Japanese shares tumbled to hit a nearly two-month low on concerns China's stock market rout may spread to other financial markets. The benchmark Nikkei average slumped 638.95 points or 3.14 percent to 19,737.64, a level not seen since May 15, while the broader Topix index of all first section issues shed 3.34 percent to close at 1,582.48, marking its biggest single-day loss in almost a year and a half. Among the worst performers, Komatsu, Dai-ichi Life Insurance, Sumitomo Chemical, Nissan Motor, Mitsui Chemicals and Itochu Corp slumped 6-9 percent. Amid the major sell-off across the board, investors took little comfort from data that showed Japan posted a current account surplus for the 11th straight month in May.
The current account produced a surplus of 1.880 trillion yen, surging 266.7 percent from a year earlier and topping expectations for a surplus of 1.570 trillion yen, as prices for crude oil continued to reduce import costs and a weak yen boosted income from overseas investments,
Australian shares plunged as steep declines in commodity prices amid continued uncertainty over the resolution of Greece's debt deal and the bloodbath in Chinese equities unnerved investors. The benchmark S&P/ASX 200 index closed down 111.9 points or 2 percent at 5,469.5.
Big miners BHP Billiton and Rio Tinto fell over 3 percent each and smaller rival Fortescue Metals tumbled 6.2 percent after iron ore prices plunged below $50 a ton overnight for the first time in nearly three months. Gold miner Newcrest Mining shed 3.8 percent and rival Evolution Mining dropped 2 percent as gold hovered near a four-month low, weighed down by a surging U.S. dollar.
The big four banks closed down between 1.8 percent and 2.6 percent, while energy stocks Woodside Petroleum, Oil Search and Santos declined 2-3 percent. U.S. crude futures hovered near three-month lows in Asian deals after talks over Iran's disputed nuclear program were extended.
Explosives and fertilizer maker Incitec Pivot dropped 2.6 percent after issuing a profit warning. Shares of Webjet soared 11 percent after the online travel company affirmed its outlook for full-year underlying earnings despite higher costs from expanding its sales team and foreign currency fluctuations.
Seoul shares fell sharply as concerns about a slowdown in China and the Greek debt crisis kept investors on edge ahead of the central bank's monthly rate-setting meeting Thursday. Most economists expect the central bank to freeze its benchmark interest rate at 1.5 percent after cutting rates in a pre-emptive move in June.
The benchmark Kospi average fell 24.08 points or 1.18 percent to close at 2,016.21, its lowest level in nearly four months. Energy stocks bore the brunt of the selling as oil prices fell to a near three-month low amid Grexit fears, the turmoil in the Chinese stock market and ongoing nuclear talks in Iran.
New Zealand shares fell as the stock market turmoil in China and a pullback in commodity prices spurred risk aversion. The benchmark NZX-50 index dropped 35.47 points or 0.61 percent to close at 5,767.70, with Xero, Trade Me Group and Sky City Entertainment Group pacing the decliners. Utility stocks also fell broadly as investors wait for the decision about the future of the Tiwai Point aluminum smelter.
Summerset Group Holdings advanced 1.9 percent, extending Tuesday's 4.8 percent rally, after the country's third-largest listed retirement village operator said it expects annual earnings to rise as much as 39 percent, driven by record sales.
Elsewhere, the benchmark indexes in India, Indonesia, Malaysia, Singapore and Taiwan were down 1-3 percent.
U.S. stocks rose modestly overnight as Greece and its creditors held talks in Brussels to discuss how to keep the country in the euro zone. The gains were led by defensive sectors such as utilities and consumer staples. On the economic front, the Commerce Department reported that the U.S. trade deficit widened in May as exports fell more than imports amid weak overseas demand and a strong U.S. dollar. The Dow gained half a percent and the S&P 500 added 0.6 percent, while the tech-heavy Nasdaq edged up 0.1 percent.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.