Asian markets lost more than $1.2T in market capitalization in a single day.➤ South Korea was hit the hardest—the KOSPI index fell by 11.2%, and the market value of companies dropped by more than ₩800T ($580b). The cause was widespread selling of tech stocks after the regulator’s news about an overheated market and the risks of leveraged ETFs.➤ The Japanese Nikkei fell by 3.55%, erasing ~$170b in market capitalization.➤ China’s Shanghai Composite and Shenzhen Component indices lost 1.3% and 3.0%, respectively. Total market losses exceeded $240b.➤ Hong Kong’s Hang Seng declined by 2.12%, shedding another ~$130b in market capitalization.➤ India’s Nifty fell by 0.73%, erasing $17b.

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