Now That $4.3 Trillion Wipeout in Asian Stocks Is Getting Deeper

It was looking like a week of wound-licking for Asian stocks. Then crude oil entered a bear market and alarm bells rang on China’s slowdown as tech stocks plunged.

Just like that, the region’s equity benchmark erased weekly gains and is now heading for a sixth slide in seven weeks, only worsening the wipeout that already erased $4.3 trillion of market value this year.

Of note: energy companies are, by far, the biggest decliners, followed by tech shares as Tencent Holdings sank almost 5 percent. Watch for its quarterly results next week — analysts expect the giant will report its slowest revenue increase in more than three years.

One thing that might be worth keeping an eye on is data around China’s consumption — car sales fell for a fifth month and and International joined the likes of Baidu and Alibaba Group Holding in being unable to avoid the economic slowdown.

Also throwing cold water on the recovery is the U.S. dollar, which resumed its appreciation as the Federal Reserve signaled it’s still ready to increase rates in December.

The strong greenback has been a key concern for investors in the region, as it’s weakened local currencies and triggered massive outflows from emerging-market assets.

Stock-Market Summary

Japan’s Topix index down 0.5%; Nikkei 225 down 1.1%
Hong Kong’s Hang Seng Index down 2.4%; Hang Seng China Enterprises down 2.5%; Shanghai Composite down 1.4%
Taiwan’s Taiex index down 1.2%
South Korea’s Kospi index down 0.3%; Kospi 200 down 0.3%

Australia’s S&P/ASX 200 little changed; New Zealand’s S&P/NZX 50 up 0.4%
India’s S&P BSE Sensex Index down 0.1%; NSE Nifty 50 little changed
Singapore’s Straits Times Index down 0.5%; Malaysia’s KLCI down 0.8%; Philippine Stock Exchange down 1%; Jakarta Composite down 1.7%; Thailand’s SET down 0.8%; Vietnam’s VN Index down 1.3%