After slump of the US stocks yesterday, Asian shares could not fight out as well, Bloomberg reports. Asian-Pacific MSCI index fell by 2,4% today. As a result, total decline of index from peak level on January 22 is 22%.

It shall be noted that region’s stocks have already lost more than $4,9 trillion of their value this year.

Japan’s Topix dropped 3,1% to the lowest level since September 2017, while Nikkei 225 Stock Average is 3,7% down. Kospi in South Korea lost 1,6%. Shanghai Composite in China fell by 2,8%, while Hang Seng in Hong Kong lost 2,4%. S&P/ASX 200 in Australia dropped by 2,8%.

US market showed big losses on Wednesday. Nasdaq Composite fell by 4,4%, and this was the largest decline since August 2011. S&P 500 and Dow Jones eliminated all yearly gains.

The reasons for Asian shares slump are obvious: trade war between the US and China, concerns about slowdown in economy and earnings growth, slump in IT-shares and rising interest rates. This week strengthening dollar was added to all the problems listed above.

Decline of MSCI index for Asian-Pacific region is 11% in October. It approaches to the biggest since the financial crisis. Further decline in IT-companies’ stocks, which account for fifth part of index, will result in another market hit.