Nvidia shares sell off, weak US data, Australian GDP – Top Stories (Trending Perfect)

Asia-Pacific markets fell on Wednesday, led by Japan. Nikkei 225 Index After US technology stocks sold off and weak economic data raised recession fears.

Japan Nikkei 225 Index The broader stock market index fell 3.19%, leading losses in Asia, while the broader Topix index fell 2.79%.

Semiconductor related stocks such as Renesas Electronics The National Electricity Company's stock fell by 8%, making it the biggest loser on the index. tokyo electron It lost 7.04%, while Adventist It decreased by more than 7.7%.

SoftBank GroupShares of Intel, which owns chip designer Arm, fell 5.9%. Arm designs chips for Nvidia.

South Korea Cosby The Tokyo Stock Exchange index fell 2.17%, and the small-cap Kosdaq index fell nearly 3%.

Chip giants Samsung Electronics and SK Hynix, both Nvidia suppliers, lost 2.62% and 6.36%, respectively.

the Taiwan Weighted Index It fell 3.49%, with heavyweight stocks rising. Taiwan Semiconductor Manufacturing Company Decrease by 3.56% Hon Hai Precision Industry Co., Ltd. – Internationally known as Foxconn – fell more than 3.51%. The index lost as much as 5.29% in early trading, before recovering to current levels.

Australia's S&P/ASX 200 index fell by about 1.70%, mainly due to weak oil prices. Country's second quarter GDP Germany's gross domestic product grew by 1% year-on-year, in line with expectations, and by 0.2% quarter-on-quarter, slightly below the 0.3% forecast among economists polled by Reuters.

Hong Kong Hang Seng Index China's Shanghai Composite Index saw the smallest loss in the region, falling 1.5%, while China's CSI 300 Index fell 0.47%.

Chinese chip stocks also suffered some weakness despite not being tied to Nvidia's supply chain, as Chinese companies are tied to the country. International Semiconductor Manufacturing Company Shares of Hua Hong Semiconductor fell 1.06%.

Separately, Caixin Services PMI Data from China's statistics bureau for August showed that China's services sector expanded at a slower rate compared with July, with the purchasing managers' index falling to 51.6 from 52.1.

In the United States, chipmaker Nvidia lost more than 9% in regular trading, dragging down shares of other companies such as Intel, AMD and Marvell.

The VanEck Semiconductor Index (SMH), an index that tracks semiconductor stocks, fell 7.5%, its worst day since March 2020.

Separately, the ISM manufacturing index for August came in at 47.2% for the month, up 0.4 percentage points from July but below the 47.9% expected by the Dow Jones Industrial Average. The index measures the percentage of companies reporting expansion, so anything below 50% represents contraction.

The three major indices had their worst day since the global sell-off on Aug. 5. The Dow Jones Industrial Average fell 1.51% and the S&P 500 dropped 2.12%. The Nasdaq Composite saw the biggest loss, falling 3.26%.

—CNBC's Fred Imbert and Alex Haring contributed to this report.