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Japan’s Nikkei enters bear market as Asian stocks fall
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Asian markets continue tailspin amid oil glut, China concerns

Hong Kong’s Hang Seng Index fell below 19,000 for the first time since 2012.

Hong Kong stocks hit a 3½-year low and Japan’s Nikkei closed in bear market territory, as this year’s global selloff resumed in the region on Wednesday.

Investors are concerned about a weakening Hong Kong dollar, further declines in the oil market and a lack of major economic stimulus from Beijing, traders and analysts said.

The Hong Kong dollar fell to its weakest level since 2007—HK$7.8228 against the U.S. dollar—amid worries that China’s slowdown is hurting the city’s economy and markets.

Hong Kong authorities have repeatedly said they will maintain a three-decade old peg of the local dollar to the greenback. But traders continue to push the currency weaker, with expectation of future depreciation.

The Hong Kong dollar’s decline weighed on markets across the region.

Chinese stocks in Hong Kong, falling 4.2%, dragged down the Hang Seng Index HSI, -3.82% , which dropped 3.5% to 18946.4. The benchmark was below 19000 for the first time since July 2012.

The Nikkei Stock Average NIK, +1.12% closed down 3.7% at 16416.19, as the Japanese yen strengthened as much as 1.1%, at ¥116.4 U.S. dollar—its strongest level in a year. The yen—up 3% year-to-date—is making Japanese exporters less competitive.

The Nikkei is now off 21% from its recent closing high in June. A bear market is defined as a drop of at least 20% from a recent peak.

The South Korea’s Kospi SEU, +0.45% fell 2.3%. The Shanghai Composite Index SHCOMP, -1.03% was down 1%, having fallen into bear territory last week. Australia’s S&P/ASX 200 XJO, +1.24% finished down 1.3% to 4841.50, down 19% from its recent high in April.

Wednesday’s losses marked a new round in this year’s declines, with investors pushing up Hong Kong on their list of concerns. Depreciation of the Chinese yuan and volatility in Shanghai shares triggered the first round of global selling, beginning on the first trading day of this year.

http://www.marketwatch.com/story/hong-kong-stocks-hit-312-year-low-japan-nears-bear-market-2016-01-19