Asian markets tank following Wall Street’s loses: Nikkei down 300 points, Hang Seng loses 0.3%

Asian equities slumped on Thursday, mirroring Wall Street’s sharp losses from the previous day, as concerns over the US economy weighed heavily on investor sentiment. Pressure on US Treasuries continued, amid fears that Donald Trump’s push for new tax cuts could further inflate the already massive federal deficit.Shanghai reversed yesterday’s gains trading at 3,385.6, down 1.98 points or 0.06%. Hang Seng plunged to 23,754.21 losing 73.57 points or 0.31% while Nikkei continued in red dropping 331.85 points or 0.89% to reach at 36,967.13.Sout Korea’s Kospi dipped to 2,592.3, down 33.38 points or 1.27% at 8.30 am.A weak auction of 20-year US government bonds raised fresh concerns about the country’s fiscal health, which came just days after Moody’s downgraded its top-tier credit outlook. The development halted a recent rally which was driven by reports of easing China-US trade tensions and signs of progress in America’s trade talks with other nations.Asian equities also dipped due to the declining US dollar as some have significant holdings in dollars. A weak dollar also hurts Asian exporters, such as Japanese automakers and electronics companies, by reducing the value of their overseas earnings when they are converted into yen.Meanwhile, bitcoin surged to a new record high of $110,707, boosted by growing bipartisan support among US lawmakers for a bill aimed at regulating stablecoins, digital currencies pegged to the US dollar.