Japan's Nikkei falls 3% on tech selloff
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Japan's Nikkei share average fell 3% on Tuesday, heading for its biggest decline in more than seven months, as investors sold off tech stocks following Wall Street's sharp decline overnight. The index fell as much as 3.3% to 48,661,52, hitting its lowest level since October 23, as the selloff accelerated in the afternoon session. It was last down 3% at 48,808.33, as of 0502 GMT, while the broader Topix slipped 2.49% to 3,264.11. "Once the Nikkei fell below the key 50,000 level, sentiment worsened and the sell-off accelerated," said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Intelligence Laboratory. "Some investors wanted to buy shares on a dip, but even they waited for shares to fall further." U.S. stocks ended sharply lower on Monday, with the S&P 500 and the Nasdaq closing below a key technical indicator for the first time since late April as investors braced for quarterly results from ...