Asian Markets Plunge as Concerns Over US Economy Weigh on Tech Stocks: Bloomberg

Asian stocks took a nosedive on Monday as worries about the US economy sent shockwaves through the tech sector. The sell-off was led by tech shares, which tumbled amid concerns about slowing growth and escalating trade tensions between the US and China.

Investors were spooked by a slew of disappointing economic data out of the US, including weaker-than-expected retail sales and industrial production figures. The uncertainty surrounding the ongoing trade war between the world’s two largest economies only added to the gloom, with fears that the dispute could drag on and further weigh on global economic growth.

In response to the mounting concerns, major Asian markets saw sharp declines. Japan’s Nikkei 225 dropped 2.2%, while South Korea’s Kospi fell 1.9%. Hong Kong’s Hang Seng Index was down 1.7%, and China’s Shanghai Composite lost 1.2%.

Tech stocks were hit particularly hard, with companies like Samsung and Tencent leading the decline. Investors are worried that the tech sector, which has been a major driver of growth in recent years, could be vulnerable to a slowdown in global demand and disruptions in the supply chain due to the trade war.

The sell-off in Asian stocks comes on the heels of a turbulent week for global markets, with US stocks experiencing their worst weekly performance of the year. Analysts are warning that the volatility is likely to continue as long as the uncertainty surrounding the US-China trade negotiations persists.

Despite the bleak outlook, some analysts remain cautiously optimistic, noting that central banks around the world could step in with monetary stimulus measures to support the economy. However, the overarching sentiment in the markets is one of unease, as investors brace for more turbulence ahead.