Asian markets tumble again as US tech sell-off spreads


An electronics stock indicator in Tokyo displays the morning session closing rate of Tokyo Stock Exchange on March 27, 2018.

HONG KONG - Asian markets resumed their downward spiral on Wednesday following a sell-off on Wall Street, with technology firms tracking their US counterparts.

Trade war fears continue to niggle at investor confidence.

The volatility that has raked trading floors since the start of February shows no sign of abating as heavy, across-the-board selling followed Tuesday&39;s rally.

READ: US stocks suffer worst week in two years amid trade frictions

Confirmation that North Korean leader Kim Jong Un had visited Beijing this week to meet President Xi Jinping, saying he was "committed to denuclearisation", failed to provide support.

Dealers took their lead from New York, where the biggest names in the tech sector suffered sharp losses on a series of issues, made worse by reports the US was considering cracking down on Chinese investments in technologies it deems sensitive.

The Dow and S&P 500 plunged. And the tech-rich Nasdaq slumped almost 3 percent, with Facebook 4.9 percent down as it is battered by a huge data breach scandal. Tesla shed more than 8 percent on a probe into the fatal crash of one of its cars.

Twitter was hammered 12 percent by talk of a regulatory hit and Google parent Alphabet sank 4.6 percent on worries about a possible massive lawsuit from Oracle.

The selling continued in Asia, with South Korea&39;s Samsung, Japanese giant Sony and Hong Kong-listed Tencent all down more than two percent.

On broader markets Hong Kong fell one percent, Shanghai fell 0.6 percent and Tokyo ended the morning 1.8 percent lower.

Sydney lost 0.5 percent and Singapore gave up 0.9 percent.

On currency markets, the dollar was up against most high-yielding currencies and the yen.

But it extended losses against the euro on talk the European Central Bank is heading towards winding in its crisis-era stimulus, while the pound was supported by hopes London and Brussels are edging closer to a less-painful Brexit deal than previously feared.