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Asian markets were pummeled Thursday. Shares across the region pulled down to a 19 month low. Global trade seemingly unnerved by Wall Street's worst losses in eight months the day before. With big names in tech like Netflix and Apple getting hammered. Hours later, China's main index dropped nearly 5%, on track for its worst day since 2016.
European shares plunged to nearly 20 month lows at the open. Reuters Breaking News columnist, Pete Sweeney.>> This has been building for a long time. There's been a lot of money printing, there's been a lot of central banks pushing liquidity in the system. And it's caused this unprecedented historical rally generally in asset prices.
Now, that's all getting thrown into doubt. And the future of the global trading system is in doubt. The relationship between the two world's largest economies is in question. It's very tense. And I think, my personal opinion, investors were kind of looking for a reason to sell. And now they seemed to have found it.
>> On Wednesday, a bubbling tech sector was Wall Street's biggest victim, dragging down the tech heavy NASDAQ and S&P 500, and Asia didn't stem the bleeding.>> It's even worse in Asia. Lenovo Tencent, companies like that list in Hong Kong have gone down sharply, so the pain is certainly being felt even more harshly here.
It's difficult to see where the bottom is for tech. Clearly, investors are wrapping their head around it, but they're just not seeing reasons to buy back in. And this pain could extend itself, which is really not what anybody wants to hear right now, but it's the truth.>> President Donald Trump pointing an accusing finger at the US Federal Reserve as the sell-off was underway Wednesday.
>> I think the Fed has gone crazy.>> He called it a delayed reaction from rising interest rates last week.