World stocks tumbled Wednesday after Wall Street had its worst day since early August, with heavyweight Nvidia falling 9.5%, leading to a global decline in chip-related stocks.
Australia's S&P/ASX 200 was down 1.9% and ended at 7,950.50 after Wednesday data showed the country's GDP grew by 1% compared to the second quarter of 2023, slightly above experts' forecast. Hong Kong's Hang Seng index declined 1.1% to 17,457.34 and the Shanghai Composite index shed 0.7% to 2,784.28.
Growing worries about China's economy — the world's largest importer of crude oil — also amplified doubts about future oil demand, especially after the recent release of weak data, which was dragged down by a real estate slump and weak consumption. Treasury yields also stumbled in the bond market after a report showed American manufacturing shrank again in August, sputtering under the weight of high interest rates. Manufacturing has been contracting for most of the past two years, and its performance for August was worse than economists expected.
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