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STI slides 2.2% on global growth fears

Stocks erase all gains from Monday's session, losing 68.71 points to 3,045.54 in a rout led by Singtel and the 3 banks

Published Tue, Dec 18, 2018 · 09:50 PM

ASIAN markets were hit by another wave of risk aversion on Tuesday, after concerns over global growth sparked a steep sell-off on Wall Street overnight.

Data pointing to slowing manufacturing and declining homebuilder sentiment in the US on Monday night sent US equity indexes tumbling to new lows. The S&P 500 sank 2 per cent to 2,545.94, recording its lowest close for the year.

"Let last night's US economic data be a stark reminder the US economy is not immune to a slowdown," said Stephen Innes, head of APAC trading at Oanda.