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Asian stocks tumble after Wall Street drops on worries about the economy | Zimo Zhong

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HONG KONG—Asian stocks tumbled Wednesday after Wall Street had its worst day since early August, with the heavyweight Nvidia falling 9.5 percent, leading to a global decline in chip-related stocks. Japan’s benchmark Nikkei 225 lost 4.2 percent and closed at 37,047.61, leading losses in Asia.

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

Australia’s S&P/ASX 200 was down 1.9 percent and ended at 7,950.50 after Wednesday data showed the country’s GDP grew by 1 percent compared to the second quarter of 2023, slightly above experts’ forecast. Hong Kong’s Hang Seng index declined 1.3 percent to 17,429.30 and the Shanghai Composite index shed 0.6 percent to 2,787.20.

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 US 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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