Asia stocks slump on Tuesday as Singapore enters recession

Asia stocks fell on Tuesday, as the Straits Times Index in Singapore dipped 0.29% in afternoon trade. Singapore’s economy entered a technical recession after shrinking 41.2% in the second quarter as compared to the previous quarter.

Mainland Chinese stocks declined on the day, with the Shanghai composite down 0.83% to around 3,414.62 while the Shenzhen component dropped 1.079% to about 13,996.46. Hong Kong’s Hang Seng index fell 1.24%, as of its final hour of trading.

In Japan, the Nikkei 225 slipped 0.87% to close at 22,587.01 while the Topix index declined 0.5% to finish its trading day at 1,565.15. South Korea’s Kospi dipped 0.11% to close at 2,183.61.

Shares in Australia also saw losses on the day, with the S&P/ASX 200 down 0.61% to 5,941.10.