{"id":71807,"date":"2024-09-04T16:34:20","date_gmt":"2024-09-04T06:34:20","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71807"},"modified":"2025-11-10T21:30:43","modified_gmt":"2025-11-10T10:30:43","slug":"wednesday-4th-september-2024-asia-pacific-markets-plunge-amid-u-s-tech-sell-off-and-recession-fears","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/wednesday-4th-september-2024-asia-pacific-markets-plunge-amid-u-s-tech-sell-off-and-recession-fears\/","title":{"rendered":"Wednesday 4th September 2024: Asia-Pacific Markets Plunge Amid U.S. Tech Sell-Off and Recession Fears"},"content":{"rendered":"\n<h3><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 4.35%, Shanghai Composite down 0.57%, Hang Seng down 1.35% ASX down 1.88%<\/li>\n\n\n\n<li>Commodities : Gold at $2519.35 (-0.19%), Silver at $28.25 (-0.31%), Brent Oil at $73.30 (-0.49%), WTI Oil at $70.12 (-0.48%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.827, UK 10-year yield at 3.991, Germany 10-year yield at 2.253<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) ISM Manufacturing PMI&nbsp; 47.2&nbsp; vs 47.5 expected<\/li>\n\n\n\n<li>(USD) ISM Manufacturing Prices&nbsp; 54.0 vs 52.1 expected<\/li>\n\n\n\n<li>(USD) Construction Spending m\/m -0.3% vs 0.1% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets tumbled on Wednesday, driven by significant declines in Japan\u2019s Nikkei 225 following a sell-off in U.S. tech stocks and weak U.S. economic data that sparked recession fears.<\/p>\n\n\n\n<p>Japan\u2019s Nikkei 225 led the losses in Asia, dropping 4.0%, while the Topix fell 3.55%. Semiconductor stocks were hit particularly hard, with Renesas Electronics plunging 9%, Tokyo Electron falling 8.73%, and Advantest dropping over 7.7%. Softbank Group, which owns chip designer Arm, also declined by 7.8%.<\/p>\n\n\n\n<p>In South Korea, the Kospi fell 3.05%, with the Kosdaq seeing a nearly 3.8% loss. Chip giants Samsung Electronics and SK Hynix, both Nvidia suppliers, lost 3.59% and 7.72%, respectively.<\/p>\n\n\n\n<p>Taiwan\u2019s Weighted Index dropped 4.46%, with Taiwan Semiconductor Manufacturing Company down 5.21% and Hon Hai Precision Industry, known internationally as Foxconn, falling 3.51%. The index lost as much as 5.29% in early trading before stabilizing.<\/p>\n\n\n\n<p>Australia\u2019s S&amp;P\/ASX 200 declined almost 2%, mainly due to weak oil prices. Meanwhile, Hong Kong\u2019s Hang Seng index slipped 1.2%, and mainland China\u2019s CSI 300 was down 0.58%. Chinese chip stocks also fell, with Semiconductor Manufacturing International Corporation down 1.95% and Hua Hong Semiconductor losing 1.06%.<\/p>\n\n\n\n<p>In the U.S., chipmaker Nvidia dropped over 9%, pulling down other chip stocks like Intel, AMD, and Marvell. The VanEck Semiconductor ETF (SMH) fell 7.5%, its worst day since March 2020. U.S. indexes also suffered, with the Nasdaq Composite down 3.26%, leading the losses.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>1:45 PM GMT &#8211; CAD BOC Rate Statement<\/li>\n\n\n\n<li>1:45 PM GMT &#8211; CAD Overnight Rate<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets tumbled on [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71807"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=71807"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71807\/revisions"}],"predecessor-version":[{"id":71811,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71807\/revisions\/71811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=71807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}