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.
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