Markets in Turmoil as Global Growth Concerns Resurface

European and global markets brace for a rocky start midweek as global growth worries, tepid U.S. manufacturing data, and a record sell-off of AI stock Nvidia affect investor sentiment. Upcoming key economic reports are poised to provide further market direction and potential Federal Reserve rate decisions.

European and global markets are poised for a turbulent start on Wednesday, as concerns about worldwide economic growth cast a shadow over investor confidence. Asian stocks suffered significant losses, punctuated by a sharp decline in the AI sector.

Futures for U.S. and European stocks dropped substantially. Notably, MSCI's broadest index of Asia-Pacific shares outside Japan and Japan's Nikkei experienced their worst sessions since early August amid fears of a slowing U.S. economy and unwinding japanese yen carry trades.

Additional market influences include tepid U.S. manufacturing data, China's sluggish economic recovery, and Nvidia's dramatic $279 billion loss in market value. Commodities also felt the impact, with oil prices hitting a nine-month low.

(With inputs from agencies.)