Japan’s Nikkei 225 drops more than 2%, paring losses after entering correction territory earlier

SINGAPORE — Shares in Asia-Pacific largely fell on Tuesday following overnight losses on Wall Street, with the tech-heavy Nasdaq Composite falling more than 2%

In Japan, the Nikkei 225 dropped 2.19% to close at 27,822.12, as shares of Fast Retailing fell 6.92%. The Topix index also declined 1.33% to finish the trading day at 1,947.75. Earlier, the Nikkei had dropped more than 3% and briefly entered correction territory, declining more than 10% off its mid-September high

South Korea’s Kospi shed 1.89% to close at 2,962.17. The Hang Seng index in Hong Kong bucked the overall trend regionally as it rose around 0.5%, as of its final hour of trading

Shares in Australia closed lower, with the S&P/ASX 200 down 0.41% to 7,248.40. The Reserve Bank of Australia on Tuesday announced its decision to leave interest rates unchanged

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.28%

Markets in mainland China remained closed on Tuesday for the holidays

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures rising 0.48% to $81.65 per barrel. U.S. crude futures gained 0.35% to $77.89 per barrel

Those gains upward came after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed Monday to stick to an existing pact to raise oil output by 400,000 barrels per day in November

Shares of oil companies in Asia-Pacific rose in Tuesday trade, with Beach Energy and Santos in Australia rising 0.7% and 2.54%, respectively. Japan’s Inpex rose 5.6% on the day while PetroChina shares in Hong Kong jumped 6.78% in afternoon trade

Overnight stateside, the S&P 500 dropped 1.3% to 4,300.46 while the Dow Jones Industrial Average fell 323.54 points to 34,002.92. The Nasdaq Composite slipped 2.14% to around 14,255.49