"Global markets have fallen after a tech sell-off that fuelled Wall Street's worst day in a month and weak economic data in China showing an unprecedented slump in investment. Japan's tech-heavy Nikkei fell 1.8% on Friday, South Korea's Kospi plunged 2.6% and there was a 1.5% fall in Australia, after a torrid day on Wall Street as Nvidia and other tech companies tumbled over valuation concerns."
"Nvidia, the $4.5tn (3.4tn) tech company, led a wider sector decline, falling 3.6% as investors reassessed the value of companies involved in the AI sector after Japan's SoftBank sold its entire stake in the company. US markets struggle amid tech sell-off and economic uncertainty SoftBank and SK Hynix, a Chinese chipmaker for mobiles and computers, fell more than 6%, Samsung Electronics dropped 4% and Taiwan Semiconductor Manufacturing Company dropped 1.8%."
"Global markets also reacted to fears of a slowdown in the Chinese economy after data showed that activity cooled more than expected at the start of the final quarter of the year. Figures showed that fixed-asset investment shrank 1.7% in the first 10 months, a record decline, according to the National Bureau of Statistics. China's CSI 300 fell 0.7%, while Hong Kong's Hang Seng dropped 0.9% and Taiwan's Taiex slumped by 1.4%."
Global markets fell sharply after a technology-sector sell-off, with major Asian indices retreating: Japan's Nikkei down 1.8%, South Korea's Kospi down 2.6%, and Australia down 1.5%. Nvidia led chip and AI-related stocks lower, dropping 3.6% after SoftBank sold its entire stake, while SoftBank, SK Hynix, Samsung Electronics and TSMC all suffered double- or single-digit declines. Chinese economic data showed fixed-asset investment shrank 1.7% in the first ten months, a record decline, weighing on markets across China, Hong Kong and Taiwan. US markets were further unsettled by the prolonged federal shutdown delaying key inflation and jobs data and increasing uncertainty about a near-term rate cut.
Read at www.theguardian.com
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