Asian shares tumble on global sell-off

<p>Trading sentiment was hit by China worries.</p>

Asian stocks dipped today (September 29th), led by a global market sell-off over weak corporate news, speculation on the timing of a US Fed rate hike and worries about China's economy.

Official data released yesterday showed profits earned by Chinese industrial companies fell 8.8 per cent in August from a year earlier, highlighting a persistent slowdown in the world's second-largest economy.

Major US indexes tumbled overnight, with the tech-heavy Nasdaq Composite losing three per cent slump. The Dow Jones Industrial Average was down 1.9 per cent and the S&P 500 fell 2.6 per cent to close below 1,900 for the first time since August 26th.

Japan's Nikkei 225 tumbled 4.1 per cent to 16,930.84 and Australia's S&P/ASX 200 was down 3.8 per cent to 4,918.40. Hong Kong's Hang Seng dipped three per cent to 20,556.60 while the Shanghai Composite in mainland China edged down two per cent to 3,038.14. South Korea's stock exchange was closed for holidays.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.