Asian stocks enter bear phase, lose $5 tn in 2018, more downside likely

Slump comes after 3 percent S&P 500 drop on earnings worries

After a slump in US stocks, Asia’s main equity gauge has finally succumbed, entering a bear market overnight. The region’s equities have already lost more than $4.9 trillion in value this year, and Thursday isn’t looking pretty.

The MSCI Asia Pacific Index fell as much as 2.2 per cent on Thursday, taking its slide from a January peak to 21 per cent. Japan’s Topix index plunged 2.3 per cent, heading for its lowest close since September 2017, while the Nikkei 225 Stock Average lost 2.8 per cent. The Kospi 100 Index’s 2.3 per cent slide took the South Korean gauge into