Five Things You Need to Know to Start Your Day: Europe
Get up to speed with what the markets are monitoring
Good morning. Asian stocks follow US peers lower. Oil’s price slump deepens. And global companies rush to sell debt. Here’s what people are talking about.
Stocks in Asia slumped the most since the Aug. 5 rout, tracking a selloff in US peers driven by a plunge in Nvidia. Shares of Asian chipmakers tumbled amid renewed concerns over the artificial intelligence frenzy, bringing a regional equity benchmark down more than 2%. Chip giants Taiwan Semiconductor Manufacturing and SK Hynix fell at least 4% each. US equity futures also slid in Asian trading after the S&P 500 shed more than 2%. The broad risk-off mood came as a closely watched US manufacturing gauge again missed forecasts, shifting investor focus toward the odds of an economic slowdown in the world’s largest economy. That added to an already-weak sentiment in Asia, where a run of disappointing Chinese data has been hurting risk assets.