Stocks hammered by renewed growth concerns, Nvidia's selloff

A media person stands in front of the stock quotation board during a ceremony marking the end of trading in 2022 at the Tokyo Stock Exchange in Tokyo, Japan, Dec 30, 2022. Asian shares and global stock futures tumbled on Wednesday , led by a heavy decline in technology names and as worries about the global growth outlook drove investors out of risky assets, while oil prices hit multi-month lows.

"Volatility obviously is picking up," said Jason Teh, chief investment officer at Vertium Asset Management."We had a first taste of it at the beginning of August ... last night we had this macro catalyst the market's worried about further economic slowdown." US stock futures meanwhile extended declines. S&P 500 futures eased 0.55 per cent, while Nasdaq futures shed 0.74 per cent." was plenty of blame to go around. Nvidia. Tech. Soft spots in US data. China gloom," said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho Bank.

Brent crude futures bottomed at US$73.14 a barrel on Wednesday while US crude hit a trough of US$69.72, both their lowest levels since December. They had fallen nearly 5 per cent in the previous session. "We reckon US growth fears are overplayed and expect a strong payrolls report on Friday," said Alex Loo, FX and macro strategist at TD Securities.

The yen was last 0.2 per cent higher at 145.15 per dollar, while a rebound in the greenback pushed the euro further away from a 13-month high. The common currency last bought was US$1.1057.

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Singapore stocks open flat on Friday as US stocks fall and Europe stocks gain51 stocks declined while 47 stocks recorded gains, with 34.3 million securities worth S$38.9 million traded.
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Nvidia's forecast dampens AI enthusiasm in other tech stocksShares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong forecast from the dominant seller of AI chips would fuel fresh gains in Wall Street's most valuable companies.
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Singapore stocks fell on Wednesday’s open—STI slipped by 0.1%In the broader market, 51 counters were in the red after early trading saw 25.9M securities change hands, valued at approximately S$25.2M
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Singapore stocks open lower on Wednesday—STI edged down by 0.1%In the broader market, 72 stocks fell compared to 60 that advanced, with 58.4 million securities worth S$68.2 million traded
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Asian stocks rebound from rout as Fed faces calls to cut rates earlyHONG KONG: Asian equities rallied on Tuesday (Aug 6) after the previous day's global rout fuelled by US recession fears that have led to calls for the Federal Reserve to cut interest rates before its next meeting.
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