Asian stocks dropped today (September 26th) after Wall Street hit new lows yesterday on weak US economic data and Apple's iPhone software glitch.
The Standard & Poor’s 500 Index fell to a two-month low, as fresh reports showed unemployment benefits edged up last week. Another report said equipment orders went down last month, while Apple and other technology companies slipped after a problematic software update for the iPhone.
“Many [investors] are wondering whether this may or may not be the start of a bigger correction,” Andrew Wilkinson, Greenwich, Connecticut-based chief market analyst at Interactive Brokers LLC, told Bloomberg. "It reminds us just how absent volatility has been during the rally."
Japan's Nikkei 225 fell one per cent to 16,212.07 and South Korea's Kospi lost 0.3 per cent to 2,028.68. Hong Kong's Hang Seng shed 0.3 per cent to 23,699.95 while the Shanghai Composite Index on mainland China edged up 0.1 per cent to 2,347.52.
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