Global Stocks Plunge Amid Growth Concerns and Tech Slump

Asian shares and global stock futures plummeted on Wednesday, fueled by a sharp decline in technology stocks and concerns over global economic growth. The downturn was led by benchmarks in Tokyo and Taipei. Additionally, oil prices hit multi-month lows as worries over the sluggish outlook in China and global slowdown intensified.

On Wednesday, Asian shares and global stock futures experienced a significant downturn, driven by a severe decline in technology stocks and mounting concerns over the global economic outlook. Investors retreated from riskier assets, causing oil prices to hit multi-month lows.

Stock benchmarks in Tokyo and Taipei bore the brunt of the slump in Asia, each falling over 3%. MSCI's broadest index of Asia-Pacific shares outside Japan saw a 1.8% decrease. Analysts highlighted a variety of contributing factors, including tepid U.S. manufacturing data and increasing market volatility.

Wall Street had previously closed sharply lower, with Nvidia's plunge marking a record $279 billion loss. This contributed to a ripple effect across tech stocks in Asia. Meanwhile, U.S. stock futures continued their decline, with notable drops in S&P 500, Nasdaq, EUROSTOXX 50, and FTSE futures.

(With inputs from agencies.)