Nvidia sell-off, growth worries pummel global markets

STORY: Shares across the world took a hit Wednesday (September 4) - battered by factors including a huge sell-off for AI chip champion Nvidia a day earlier.

It shed $279 billion in market value over one day - a record for any U.S. firm.

That after its outlook for the months ahead failed to excite investors.

Tech stocks dragged Asian shares lower as a result.

Japan’s Advantest, a big supplier to Nvidia, shed almost 8%.

Taiwan chip giant TSMC fell over 5%.

That saw benchmark indexes suffer, with Tokyo’s Nikkei closing down more than 4%.

The losses then rolled on into the European trading day.

There the regional Stoxx index was down around 1% by mid-morning.

Chip-gear firm ASML was among the big losers, down 5%.

Economic data added to the gloom, including weak U.S. manufacturing numbers and new figures pointing to a sluggish outlook for China.

Those worries hit luxury firms, which depend heavily on China, with LVMH and Gucci-parent Kering both sharply down in early trades.

The demand worries also saw oil extend the big slide posted Tuesday, when it fell over 4%.

Benchmark crude prices are now close to lows seen in December.