Asian markets hit by heavy selloff amid escalating trade tensions

Asian markets were hit by a heavy selloff on August 5, as volatility sent currencies into a spin on fears of escalating trade tensions between US and China, as well as Japan and South Korea. Shares in South Korea plunged to a three-year low, with the KOSPI losing over 2.5%. The Nikkei fell over 1.7% - its lowest since early June and the sharpest daily drop since March. In Hong Kong, the Hang Seng plunged 2.7% as business turmoil and a general strike disrupted investor confidence.

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