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Asian stocks tumble after Wall Street's worst day since early August

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Japan's benchmark Nikkei 225 lost 3.8 percent, leading losses in Asia.

Passerbys walk past an electric screen showing Asian markets indices outside a brokerage in Tokyo. / Photo: Reuters Archive

South Korea's Kospi was down 3.0% to 2,584.81, with tech giant Samsung Electronics dropping 3.1%. Taiwan's Taiex lost 4.0%, dragged down by the heavyweight Taiwan Semiconductor Manufacturing Company, which was 4.7% lower. Benchmark US crude fell 45 cents to $69.89 a barrel. Brent crude, the international standard, lost 42 cents to $73.33 a barrel.

On Tuesday, the S&P 500 sank 2.1% to give back a chunk of the gains from a three-week winning streak that had carried it to the cusp of its all-time high. "Demand remains subdued, as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and election uncertainty," said Timothy Fiore, chair of the Institute for Supply Management's manufacturing business survey committee.

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