Australian shares are set to plunge 1.2 per cent; $A tumbles; second-quarter GDP data pending; US nerves fray on manufacturing data miss. Follow updates here.
Australian shares are poised to fall. Nvidia tumbled 9.5 per cent in New York as investors took weak manufacturing data in the US, combined with similar data from China over the weekend, as a sell signal. Nvidia’s plunge wiped out $US278.9 billion in the biggest loss of value ever for a US stock. It is poised to fall further.
At the close in New York, the US-listed shares of BHP were 5.1 per cent lower, while those of Rio were down 4.6 per cent. As markets reset, volatility surged. The VIX was up 5.17 or 33 per cent to 20.72 at 3.15pm in Chicago. The NYSE Fang + Index, which tracks the mega techs, was 3.5 per cent lower. All seven of the “magnificent seven” were down. Economic activity in the US manufacturing sector contracted in August for the fifth consecutive month, though it actually rose 0.
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