Financial markets in Asia and the United States have plunged on concerns the world’s largest economy may be heading for recession.
Shares of US chip giant Nvidia fell nearly 10% as economic concerns dampened optimism about the boom in artificial intelligence (AI).
Major Asian indexes fell on Wednesday after major stock indexes in New York fell sharply.
Investors turned cautious as new data showed US manufacturing activity remained weak, with focus now on key jobs figures due out on Friday.
“Growth concerns are dominating market action,” Julia Lee at FTSE Russell told the BBC.
In New York on Tuesday, the S&P 500 index closed down more than 2%, while the tech-heavy Nasdaq index fell more than 3%.
Nasdaq-listed Nvidia fell 9.5%, wiping $279bn (£212.9bn) off the company’s stock market value.
Other major US tech companies – including Alphabet, Apple and Microsoft – also saw their shares plunge.
On Wednesday morning, Japan’s Nikkei 225 fell 4.4%, South Korea’s Kospi fell 3% and Hong Kong’s Hang Seng fell 1.3%.
Major Asian tech companies including TSMC, Samsung Electronics, SK Hynix and Tokyo Electron all fell sharply.
“Global growth concerns are likely to hit exporters in the region particularly hard,” Ms Lee added.
The US non-farm payrolls report is expected to be released on Friday.
Investors will be watching these numbers closely for clues on how much the US Federal Reserve will cut interest rates when officials meet next week.
