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

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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.

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. – Asian stocks tumbled Wednesday after Wall Street had its worst day since early August, with the heavyweight Nvidia falling 9.5%, leading to a global decline in chip-related stocks.

Benchmark U.S. crude fell 45 cents to $69.89 a barrel. Brent crude, the international standard, lost 42 cents to $73.33 a barrel. 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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