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Asian stock markets suffered sharp falls as concerns over the global growth outlook were fuelled by fresh signs of weakness in the US economy.

Japanese exporters came under additional pressure from the strength of the yen as the currency continued to attract haven flows from nervous investors.

Toyota Motor, the world’s biggest carmaker by sales, said the stronger yen had cut its fiscal first-quarter operating profit by Y50bn.

Toyota shares fell 0.3 per cent to Y3,160 before the company raised its full-year net profit forecast by 40 per cent after the close of trade while Honda Motor shed 0.5 per cent to Y3,110 after unveiling a steep decline in quarterly net profit.

Tokyo Electron tumbled 6.2 per cent to Y3,940 after the maker of chip manufacturing equipment cut its annual forecasts, citing weaker capital investment across the sector.

In Seoul, Samsung Electronics, the world’s largest technology company by sales, fell 2.1 per cent to Won852,000 and Hyundai Motor fell 4.9 per cent to Won224,000.

The Kospi index tumbled 2.4 per cent to 2,121.27, its biggest drop in two months.

Imarketkorea fell by the daily limit of 15 per cent to Won22,450 after parent Samsung Group said it would sell its majority stake in the procurement services provider.

Resource stocks lost ground on concerns that slowing global growth could damp demand for commodities. In Australia, mining group Rio Tinto lost 1.8 per cent to A$80.05 as the benchmark S&P/ASX 200 fell 1.4 per cent to 4,433.70.

Jiangxi Copper, China’s biggest producer of the metal, slid 2.3 per cent to Rmb33.75 as mainland stocks fell to a six-week low on the back of weaker financials.

The Shanghai Composite index fell 0.9 per cent to 2,679.26 with Industrial & Commercial Bank of China and China Construction Bank both falling 0.9 per cent to Rmb4.20 and Rmb4.67, respectively.

The Hang Seng index in Hong Kong retreated 1.1 per cent to 22,421.46.

In Mumbai, the BSE Sensex also closed at a six-week low as it fell 1.1 per cent to 18,109.89. The Jakarta Composite eased 0.4 per cent from Monday’s record high to close at 4,177.85.

Copyright The Financial Times Limited 2017. All rights reserved.
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