Asian stocks fall on SVB concerns

Asia-Pacific markets fell in a choppy session on Tuesday after sharp losses on Wall Street overnight as investors grappled with failed U.S. banks including Silicon Valley Bank. Japan’s Topix led the way, losing 2.34 percent, and shares of Softbank Group fell as much as 3.5 percent. The Nikkei 225 fell 1.91 percent to its lowest point since October last year in morning Asian trade. South Korea’s Kospi also fell nearly 2 percent, with the Kosdaq down 2.74 percent. Australia’s S&P/ASX 200 fell 1.5 percent, led largely by losses in the banking sector. The economy’s consumer confidence also remained near historic lows. Hong Kong’s Hang Seng index fell 1.73 percent, while the Hang Seng Tech index fell nearly 2 percent. In mainland China, the Shanghai Composite Index fell 1.04 percent and the Shenzhen Component Index fell 1.75 percent. Investors will also be closely watching the U.S. consumer price index for February, due on Tuesday.