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Asia markets fell sharply on Thursday morning, with the stock indexes in Shanghai, Hong Kong and Tokyo all down more than 3 percent.

In the Greater China region, the Hang Seng index was down by 3.28 percent in early trade. Over on the mainland, the Shanghai composite and the Shenzhen composite both opened the day with declines exceeding 3 percent.

As of 9:42 a.m. HK/SIN, the Shanghai index traded lower at 2.56 percent and Shenzhen was down about 2.85 percent.

In Taiwan, the Taiex dropped by 5.23 percent, with lens maker and Apple supplier Largan Precision plunging 9.19 percent, as of 9:48 a.m. HK/SIN.

The ASX 200 fell 1.72 percent as of 9:35 a.m. HK/SIN, with most sectors trading lower. The energy subindex was down 2.75 percent, materials was lower by 1.65 percent and the heavily weighted financial sector fell 1.68 percent.

Major banking names in the country fell, with Commonwealth Bank shares down 1.65 percent. Mining stocks were also lower, with Rio Tinto down 2.16 percent and BHP off by 2.3 percent.

Japan's markets also continued to falter in the morning. The Nikkei 225 dropped by 3.52 percent while the Topix index declined by 3.27 percent, with major sectors trending down.

Over in South Korea, the Kospi continued the general trend for the day by slipping 2.72 percent.

Overnight on Wall Street, the Dow Jones Industrial Average dropped by 831.83 points to 25,598.74, the Nasdaq Composite fell 4 percent to 7,422.05. The S&P 500 dropped 3.3 percent to 2,785.68.

Both the Dow and S&P 500 posted their biggest one-day drops since early February, while the Nasdaq notched its largest single day sell-off since June 24, 2016.

U.S. futures continued to trend lower on Thursday morning during Asian hours, with the Dow e-mini futures down around 0.4 percent.

Some analysts said that the decline on Wall Street did not appear to have any catalyst, including the ongoing trade friction between the U.S. and China. That has "been ongoing since the start of the year," Joseph Capurso, senior currency strategist at the Commonwealth Bank of Australia, wrote in a note.



source: CNBC