GLOBAL MARKETS-Asian markets set to come under pressure after another down day on Wall Street

By Jessica DiNapoli
NEW YORK, Sept 8 (Reuters) - Asian stocks were set to come
under pressure on Wednesday after Wall Street sank for the third
consecutive day led by declines in heavyweight technology
companies, and oil prices hit lows not seen since June.
“The performance of Wall Street is going to leave a heavy
residue, and most noteworthy is how the tech names dropped down
quite aggressively. Investors will take a close note of that,”
said Tom Piotrowski, a markets analyst at Australian broker
CommSec.
“The dramatic fall in oil prices in the last day is being
seen as a proxy for global growth expectations. That 7.6% fall
will certainly be resonating.”
Escalating concerns over Britain leaving the European Union
without a trade agreement added to the downdraft facing Asian
markets.
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
2.03% following declines in Europe.
Australian S&P/ASX 200 futures YAPcm1 lost 1.64% in early
trading.
Japan's Nikkei 225 futures NKc1 fell 0.50%. Hong Kong's
Hang Seng index futures .HSI HSIc1 lost 0.63%.
On Wall Street, the Dow Jones Industrial Average .DJI fell
632.75 points, or 2.25%, to 27,500.56, the S&P 500 .SPX lost
95.14 points, or 2.78%, to 3,331.82 and the Nasdaq Composite
.IXIC dropped 465.44 points, or 4.11%, to 10,847.69.
Among U.S. technology names, electric-car maker Tesla
plunged 21.06% to suffer its biggest daily percentage drop after
it was excluded from a group of companies being added to the S&P
500.
The safe-haven U.S. dollar rose on Tuesday to a four-week
high, led by gains versus sterling on renewed fears about Brexit
and as investors' appetite for risk fell with Wall Street's
sell-off. The dollar index =USD rose 0.527%.
Oil futures sunk sharply lower on Tuesday, with Brent
falling below $40 a barrel for the first time since June and
U.S. crude declining nearly 8%, in part because of rising
COVID-19 cases in some parts of the world. U.S. crude CLc1
recently fell 0.95% to $36.41 per barrel and Brent LCOc1 was
flat on the day.


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