Global stocks tumble after Wall Street drops on worries about the economy
Global 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
HONG KONG — World stocks tumbled Wednesday after Wall Street had its worst day since early August, with heavyweight Nvidia falling 9.5%, leading to a global decline in chip-related stocks.
France’s CAC 40 slipped 0.8% in early trading to 7,513.31, and Germany’s DAX lost 0.8% to 18,607.62. Britain’s FTSE 100 also dropped 0.8% to 8,230.49. The futures for the S&P 500 were down 0.4% and those for the Dow Jones Industrial Average shed 0.2%.
Japan’s benchmark Nikkei 225 lost 4.2% and closed at 37,047.61, leading losses in Asia. Electronics and semiconductor company Tokyo Electron slumped 8.6% on Wednesday. South Korea’s Kospi was down 3.2% to 2,580.80, with tech giant Samsung Electronics dropping 3.5%. Taiwan’s Taiex lost 4.5%, dragged down by the heavyweight Taiwan Semiconductor Manufacturing Company, which was 5.4% lower.
Australia’s S&P/ASX 200 was down 1.9% and ended at 7,950.50 after Wednesday data showed the country’s GDP grew by 1% compared to the second quarter of 2023, slightly above experts’ forecast. Hong Kong’s Hang Seng index declined 1.1% to 17,457.34 and the Shanghai Composite index shed 0.7% to 2,784.28.
Rising oil supply was driving down prices, as Libya moved closer to resolving a conflict over control of the country’s oil revenue that meant its oil production may soon increase.
Benchmark U.S. crude fell 57 cents to $69.77 a barrel. Brent crude, the international standard, lost 75 cents to $73.00 a barrel.
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
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