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Asia plummets as Wall Street loses $524bn in a day

Asian shares fell sharply after Wall Street suffered its biggest one-day fall since 2011, wiping $524 billion in market capitalisation overnight and all gains for the year.

Analysts said much of what looked like a correction was focused on tech stocks which have experienced soaring values. The prospect of higher interest rates in the US and the trade war with China were also unnerving investors.

The tech-focused Nasdaq fell 4.4%, its biggest single session decline since 18 August 2011, and is 12.4% off its 29 August record closing high.

Amazon fell 5.9%, Facebook 5.4%, Google owner Alphabet  4.8% and Netflix 9.4%.

The Dow Jones was 2.41% off and the S&P 500 lost 3.09%.

Japan’s Nikkei tumbled 3.3% to a six-month trough while shares in Australia hit a more than one-year low. Hong Kong’s Hang Seng index fell 2.2%.

While European stocks have also been volatile, the UK has seen lower falls mainly because Brexit factors have tempered rises in values and the FTSE100, comprising many firms with overseas earnings, has risen as the pound has fallen.



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