Tech Stock Sell-off Intensifies as Markets Fret About AI; UK Growth Beats Forecasts in August – Business Live
Rolling Coverage of Economic and Financial News
Chip shares are tumbling, UK growth beats forecasts, and John Healey attends the IMF meeting in Bangkok.
Key Events:
- European Stock Markets Pull Down by Tech Slump (18m ago)
- Mining Shares Slide in London (25m ago)
- Deutsche Bank: UK’s Resilience Story Continues (41m ago)
- November Interest Rate Rise 'Highly Likely' After UK Growth Surprise (1h ago)
- PwC: UK on Track to Be Second-Fastest-Growing G7 Economy This Year (1h ago)
- UK Economy 'Lost Momentum' Despite Keeping Growing in August (1h ago)
- Computer Programming Drove Growth in the Last Quarter (1h ago)
- UK Growth Driven by Manufacturing (1h ago)
- UK GDP REPORT: Economy Kept Growing in August! (2h ago)
- Chancellor Healey Pledges to 'Stay the Path' at IMF Meeting (2h ago)
- Protests Against the IMF and World Bank (2h ago)
Introduction: Chip Stock Sell-off Deepens Ahead of UK GDP Report
Good morning, and welcome to our rolling coverage of business, financial markets, and the global economy. The sell-off in chip stocks is deepening today, with investors anticipating the latest UK GDP report. Concerns about rising inflation in the US and potential interest rate hikes are weighing on AI-related stocks.
In South Korea, the KOSPI share index has dropped over 8%, extending its recent losses. Chip giants Samsung Electronics (-9%) and SK Hynix (-10.5%) are among the hardest hit. Japan's Nikkei 225 is also sliding, down by 4.5% in late trading. This follows a decline on Wall Street yesterday, where the S&P 500 fell by 1.1%.