On September 11, Asia-Pacific markets opened broadly lower, with Japan and South Korea leading the declines, while China’s A-shares also saw a significant drop. The across-the-board selloff, dubbed a “Black Friday” shock, rattled investor sentiment across the region.

Major indices in China all opened lower on the day. As of press time, the Shanghai Composite Index fell 1.65%, the Shenzhen Component Index dropped 1.65%, the ChiNext Index declined 1.16%, and the STAR Composite Index slid 1.97%. From a sector perspective, telecom equipment, optical communications, and superhard materials showed some localized strength, while nonferrous metals, large financials, and lithium mining led the losses. Across the Shanghai, Shenzhen, and Beijing exchanges, more than 5,200 stocks were trading in the red.

Hong Kong markets also weakened, with the Hang Seng Index and Hang Seng Tech Index both falling over 1%. Meanwhile, the nonferrous metals sector tumbled sharply, with copper-related stocks suffering the steepest declines. Northern Copper, Jingyi Group hit their daily limit down, while West Mining, Jiangxi Copper, and Yunnan Copper all dropped more than 9%.

The selloff was triggered by a sharp plunge in international copper prices overnight. LME three-month copper settled at $14,182.5 per ton on Thursday, down 4.25%. According to sources familiar with the matter, the White House has yet to decide whether to impose tariffs on refined copper. Reports indicate that the U.S. copper tariff plan has stalled amid concerns over manufacturing costs and the burden on living expenses. With midterm elections approaching, former President Trump and Republican lawmakers are under pressure to demonstrate that their economic policies are lowering—not raising—costs for American consumers and businesses. The government’s growing focus on the cost of living has led to “hesitation among relevant parties.”