Global Markets Plunge Amid Growth Concerns and Tech Slump

Asian shares and global stock futures tumbled sharply on Wednesday, driven by a significant decline in technology stocks and concerns about global economic growth. The slump was led by stock benchmarks in Tokyo and Taipei, with Nvidia's considerable loss exacerbating the situation. Oil prices also hit multi-month lows amid China's sluggish recovery.

Asian shares and global stock futures plummeted on Wednesday, with a substantial decline in technology stocks exacerbating concerns about global economic growth. Stock benchmarks in Tokyo and Taipei led the plunge, each falling more than 3%, while the broadest index of Asia-Pacific shares outside Japan dropped by 1.6%.

Historically, September has been a challenging month for stocks, but analysts highlighted several factors behind this rout, including weak U.S. manufacturing data. Wall Street ended sharply lower overnight, with Nvidia losing a record $279 billion, tempering investor enthusiasm in artificial intelligence.

The Nvidia downturn spilled over to Asian tech stocks, with companies like Japan's Advantest falling 7%, Taiwan's TSMC dropping over 4%, and South Korea's SK Hynix plummeting 6.8%. U.S. stock futures also extended their declines, with S&P 500 futures easing by 0.4% and Nasdaq futures shedding 0.56%.

Meanwhile, oil prices hit multi-month lows amid worries over China's sluggish economic recovery. Brent crude futures bottomed at $73.14 a barrel, and U.S. crude hit $69.72. Hong Kong's stocks followed suit, with the Hang Seng Index down 0.9%, while China's CSI300 blue-chip index lost 0.15%.

Upcoming U.S. economic data, including job openings, jobless claims, and the closely-watched nonfarm payrolls report, could influence whether the Federal Reserve opts for a regular or super-sized rate cut this month. Amid these developments, safe-haven currencies like the dollar and the yen were buoyed by increased safety bids.

In other market movements, the yen was steady at 145.43 per dollar, while the euro moved away from a 13-month high. The Australian dollar fell to $0.67005, pressured by weak commodity prices and sluggish Australian economic data. Spot gold, however, saw a slight rise, trading at $2,494.47 an ounce.

(With inputs from agencies.)