HONG KONG, Sept 4 — Tech firms led a plunge across Asian markets Wednesday after a rout on Wall Street fuelled by a collapse in chip titan Nvidia and disappointing data on US...
PM Anwar on two-day working visit to Russia beginning tomorrow; meeting with Putin, bid to join Brics highlights of trip
Survey: Nearly half of Malaysians feel like a minority in workplace, Gen X workers feel employers always overlook their contributionsA man walks in front of an electronic quotation board displaying share prices on the Tokyo Stock Exchange in Tokyo on September 4, 2024. Japan’s key Nikkei index dropped more than three per cent on September 4, weighed down by falls on Wall Street following lacklustre manufacturing data.
But the biggest loser was AI chip leader Nvidia, which tanked 9.5 per cent — shedding almost US$280 billion of its value — on fears that the surge in firms linked to artificial intelligence may have run too far. TSMC shed more than four per cent in Taipei, with SK hynix dumped 6.5 per cent in Seoul and Samsung more than two per cent off.Tokyo and Taipei each dived more than three per cent, while Seoul was more than two per cent lower. Hong Kong, Sydney, Singapore and Manila gave back more than one per cent.Worries about the US economy burst back onto the scene after figures showed a marginal improvement in factory activity in August but it still remained in contraction for a fifth successive month.
While weaker readings on jobs and the economy have in the recent past been seen as positive owing to the chances of the Fed cutting rates, analysts warned that the bad news was now being taken as a worrying sign for the economy.
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