Stocks tumble amid US tech rout – latest updates

Asian markets tumbled after a tech-fuelled sell-off on Wall Street, as disappointing results caused traders to panic that a months-long rally in the sector may have been overdone.

Tokyo’s Nikkei led the retreat in equities, with a stronger yen adding to the downward pressure on exporters, while technology giants across the region were deep in the red.

5 things to start your day 

1) Hundreds of thousands of mortgage borrowers face arrears crisis | Homeowners on cheaper deals risk falling behind on bills after refinancing, warns IFS

2) Thames Water in breach of licence after debt downgrade | Troubled supplier risks fines after credit rating slashed by Moody’s agency

3) Billionaire Le Pen-backer stripped of broadcasting licence over ‘fake news’ | Vincent Bolloré’s’ TV channel C8 has been accused of promoting far-Right views

4) Taxpayers must spend more on NHS health centres, says property developer | Rents on primary care sites are too low to cover cost of Labour’s plan to ease burden on hospitals

5) Abu Dhabi-backed fund invests $100m in British microchip champion | Deal comes as Gulf state aspires to become a major player in artificial intelligence

What happened overnight 

Asian shares dropped after US stocks suffered their worst sell-off in more than a year.

Japan’s benchmark Nikkei 225 lost 3.1pc to 37,949.50. Australia’s S&P/ASX 200 shed 1.2pc to 7,870.40. 

South Korea’s Kospi declined 1.5pc to 2,717.72. Hong Kong’s Hang Seng declined 1.7pc to 17,010.89, while the Shanghai Composite fell 0.5pc to 2,887.48.

Among the region’s technology shares, Samsung Electronics fell 2pc, while Nintendo was down nearly 2pc. Tokyo Electron tumbled nearly 5pc.

It comes after disappointing results from Tesla and Google-owner Alphabet sent US stocks plunging.

The S&P 500 lost 2.3pc, to 5,427.13 points, while the Nasdaq lost 3.6pc, to 17,342.41, on its worst day in two years. The Dow Jones Industrial Average 1.3pc, to 39,853.87.

The yield on benchmark 10-year Treasury bonds rose to 4.28pc from 4.25pc late Tuesday.