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Stocks stumble as growth worries resurface, tech shine dims



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>GLOBAL MARKETS-Stocks stumble as growth worries resurface, tech shine dims</title></head><body>

Asia stocks fall, Nikkei slides 3%

Oil prices weak, compounded by demand concerns

US data deluge keeps markets on edge

By Rae Wee

SINGAPORE, Sept 4 (Reuters) -Asian shares and global stock futures fell on Wednesday in the wake of a tech selloff, while the dollar and yen rose on safety bids and U.S. Treasury yields edged lower as investors fretted over the outlook for the world's largest economy.

Oil prices struggled near their lowest level in months, on signs of a deal to resolve a dispute that has halted Libyan crude production and exports. O/R

Brent crude futures LCOc1 were last 0.05% lower at $73.71 a barrel, while U.S. crude futures CLc1 dipped 0.13% to $70.25 per barrel, after both fell to their weakest since December in the previous session.

Wall Street closed sharply lower overnight after the U.S. returned from a holiday at the start of the week, with AI darling Nvidia NVDA.O tumbling nearly 10% as investors softened their optimism about artificial intelligence.

That set up for a negative lead in Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS falling 0.44% in early trade, while U.S. stock futures extended their decline.

S&P 500 futures ESc1 were off 0.1%. Nasdaq futures NQc1 eased 0.15%.

Japan's Nikkei .N225 slid more than 3%.

September has historically being a bad month for stocks, though analysts pointed to a confluence of factors, including tepid U.S. manufacturing data, behind the latest market rout.

"September got off to a lively start and the air of portfolio de-risking as the U.S. cranked back up after the Labor Day holiday was seen across all areas within the capital markets," said Chris Weston, head of research at Pepperstone.

"Growth concerns were the key theme on the day, with cyclical-sensitive assets smacked and hedges laid down aggressively."

A slew of U.S. economic data is due throughout the week, including figures on job openings, jobless claims and the closely watched nonfarm payrolls report out on Friday.

Given the Federal Reserve's focus on the health of the U.S. labour market, Friday's release could decide whether a rate cut expected this month will be regular or super-sized. FEDWATCH

Safe-haven currencies like the dollar and the yen meanwhile rose on safety bids, with the Japanese currency JPY=EBS last a touch higher at 145.36 per dollar.

The euro EUR=EBS retreated further from a 13-month high and was little changed at $1.1048, while sterling GBP=D3 fell 0.04% to $1.311.

Elsewhere, spot gold XAU= rose 0.05% to $2,494.23 an ounce. GOL/


World FX rates YTD http://tmsnrt.rs/2egbfVh

Global asset performance http://tmsnrt.rs/2yaDPgn

Asian stock markets https://tmsnrt.rs/2zpUAr4


Reporting by Rae Wee; Editing by Sam Holmes

To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/markets For the state of play of Asian stock markets please click on: 0#.INDEXA
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