POSITION:CODVIP|CODVIP slot bonus|CODVIP slot real money app|CODVIP slot machine games > CODVIP slot machine games > lucky slot Asian markets plunge with Wall St after Nvidia rout, weak US data
Updated:2024-10-22 13:11 Views:146
A woman walks in front of an electronic quotation board displaying stock prices of Nikkei 225 on the Tokyo Stock Exchange in Tokyo on September 4, 2024. – Japan’s key Nikkei index dropped more than three percent on September 4, weighed down by falls on Wall Street following lacklustre manufacturing data. (Photo by Kazuhiro NOGI / AFP)
Hong Kong, China — Tech firms led a plunge across Asian markets Wednesday after a rout on Wall Street fuelled by a collapse in chip titan Nvidia and disappointing data on US factory activity that revived recession fears.
The sight of investors running to the hills sparked memories of the brief but tumultuous sell-off at the start of August that was partly fuelled by a big miss on US jobs creation.
Article continues after this advertisementAll three leading indexes in New York ended sharply lower Tuesday, with the Nasdaq the main casualty — diving more than three percent — as traders dumped big-name tech firms including Apple, Alphabet and Amazon.
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But the biggest loser was AI chip leader Nvidia, which tanked 9.5 percent — shedding almost $280 billion of its value — on fears that the surge in firms linked to artificial intelligence may have run too far.
Article continues after this advertisementThat came amid a warning that spending on all things AI by companies in recent years would need to be justified unless demand outside of the tech realm picked up and that it could take some time to begin paying off.
Article continues after this advertisementAdding to the pain, it emerged after US markets closed that US authorities had issued Nvidia and other firms subpoenas as it probes claims they violated antitrust laws.
Article continues after this advertisementThe selling filtered through to Asia, where tech and chip firms took the brunt of it.
Japan’s Advantest plunged 8.2 percent and Tokyo Electron more than seven percent, while Sony lost 2.3 percent.
Article continues after this advertisementTSMC shed more than four percent in Taipei, with SK hynix dumped 6.5 percent in Seoul and Samsung more than two percent off.
That led Asian markets deep into the red.
Tokyo and Taipei each dived more than three percent, while Seoul was more than two percent lower. Hong Kong, Sydney, Singapore and Manila gave back more than one percent.
Shanghai and Wellington were also down.
Worries about the US economy burst back onto the scene after figures showed a marginal improvement in factory activity in August but it still remained in contraction for a fifth successive month.
READ: Oil prices, stocks slump on growth worries
The figures come days before a closely watched report on non-farm payrolls, which could have a big impact on Federal Reserve officials’ decision-making going into next week’s policy meeting.
The bank is expected to cut interest rates but the debate surrounds how big it will go, with most tipping a 25-basis-point reduction but a below-forecast reading seen boosting the chances of a 50-point move.
While weaker readings on jobs and the economy have in the recent past been seen as positive owing to the chances of the Fed cutting rates, analysts warned that the bad news was now being taken as a worrying sign for the economy.
“A 50-basis-point cut might not be the market’s best friend if it shows up alongside signs of labour market weakness,” said independent analyst Stephen Innes.
“In that scenario, those cuts could be viewed less as a soft landing cushion and more as a last-ditch effort to steer clear of a full-blown economic crash.”
The chances of a bigger Fed rate cut pushed the dollar down against the yen, which had already been given a boost Tuesday by comments from Bank of Japan boss Kazuo Ueda, who said it could hike rates again if the country’s economy and inflation perform as expected.
Oil extended losses after the previous day’s heavy selling sparked by demand worries linked to a weak Chinese economy and questions over the US outlook, while OPEC’s consideration of output hikes added to the pain.
Key figures around 0200 GMTTokyo – Nikkei 225: DOWN 3.4 percent at 37,378.35
Hong Kong – Hang Seng Index: DOWN 1.6 percent at 17,370.29
Shanghai – Composite: DOWN 0.7 percent at 2,784.85
Dollar/yen: DOWN at 145.40 yen from 145.46 yen on Tuesday
Euro/dollar: UP at $1.1050 from $1.1047
Pound/dollar: DOWN at $1.3105 from $1.3111
Euro/pound: UP at 84.32 pence from 84.17 pence
West Texas Intermediate: DOWN 0.6 percent at $69.89 per barrel
Brent North Sea Crude: DOWN 0.6 percent at $73.34 per barrel
New York – Dow: DOWN 1.5 percent at 40,936.93 (close)
New York – S&P 500: DOWN 2.1 percent at 5,528.93 (close)
New York – Nasdaq Composite: DOWN 3.3 percent at 17,136.30 (close)
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London – FTSE 100: DOWN 0.8 percent at 8lucky slot,298.46 (close)
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