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Asian stocks decline, following Wall Street's drop on worries about the economy

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NVIDIA Corp.,Libya,General News

Asian stocks are tumbling after Wall Street had its worst day since early August, as a week full of economic updates got off to a weak start. U.S. futures were lower. Rising oil supply was driving down prices, as Libya moved closer to resolving a conflict over control of the country’s oil revenue that meant its oil production may soon increase.

A currency trader passes by a screen showing the Korea Composite Stock Price Index , top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Sept 4, 2024. Currency traders work near a screen showing the Korea Composite Stock Price Index , top left, and the foreign exchange rate between U.S.

U.S. futures were lower. Rising oil supply was driving down prices, as Libya moved closer to resolving a conflict over control of the country’s oil revenue that meant its oil production may soon increase. Treasury yields also stumbled in the bond market after a report showed U.S. 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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