• Nasdaq Composite fell 3% and S&P 500 closed 2% lower.
• Hong Kong-listed technology firms led the loss, with the Hang Seng Tech index falling up to 2.4%.
• Japan’s Topix fell by 0.9%, South Korea’s Kospi plunged 1.9%.

Asian stocks followed US equities lower on Wednesday after a disappointing US consumer sentiment survey eroded investor confidence.

The Nasdaq Composite fell 3% and the S&P 500 closed 2% lower following the release of the news. Even as the Federal Reserve tightens monetary policy to fight inflation, consumers expect prices to continue to climb, according to the research.

Read More: US consumer confidence is at a 15-month low due to rising food & fuel prices

Wednesday saw a continuation of the slide in Asian stocks, despite China’s late-session announcement that it will reduce inbound hotel quarantine requirements to seven days.

Hong Kong-listed technology firms led the loss, with the Hang Seng Tech index falling up to 2.4%. In early trading, Alibaba fell 3.2% and NetEase fell 3.6%.

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Hong Kong’s benchmark Hang Seng index dropped by as much as 1.4%, Japan’s Topix fell by 0.9%, and South Korea’s Kospi plunged by 1.9%.

The international benchmark for crude oil, Brent, declined by 0.6% to $117.30 per barrel on the price decline. The yield on the 10-year US Treasury note, which serves as a benchmark for global borrowing costs, fell 0.04 percentage points to 3.17 percent.