Bear grips Asian markets amid US recession fears; crude oil declines

Asian markets fell for third day in a row in lines with the US indices which suffer their worst day of 2025 amid tariff uncertainties.

The market sentiments are negative as investors worry about slowing US economic growth due to tariff war and cut in spending.

Japan's Nikkei 225 slid 2.23% to 36,202, while Hong Kong's Hang Seng index fell 1.1% to 23,520.

Korea Composite Stock Price Index (KOSPI) shed 2% to ₹2,517. Similarly, Singapore's Straits Times also slumped 1.49% to 3,840.

In the US, the Nasdaq 100 recorded its worst day since 2022 and fell 4% to 17,468.32. The S&P 500 descended 2.7%, while the Dow Jones Industrial Average dropped 2.08% to close at 41,911.71.

On the expectation of recession in 2025, US President Donald Trump told Fox News that he hates to predict things.

"There is a period of transition because what we are doing is very big. We are bringing wealth back to America. That's a big thing. It takes a little time," he said.

Oil prices fall

Following the trend in equity markets, oil also fell for the second consecutive day.

Brent crude declined to near $69 a barrel after contracting 1.5% on Monday while West Texas Intermediate dropped below $66.

Meanwhile, GIFT NIFTY is down 0.34% to 22,419 at 8 am, suggesting a negative start for Indian stock markets.