Global markets plunge as tech sell-off deepens

Global markets plunged Friday as a technology sell-off intensified, with South Korea's KOSPI index collapsing 9% within minutes of opening, triggering a trading halt and wiping out approximately A$440 billion in market value. The KOSPI, dominated by tech giants Samsung Electronics and SK Hynix, has fallen nearly 50% from its June record high. Australia's S&P/ASX 200 also dropped 1.27% at open, while Wall Street suffered its worst day since April 2025's tariff announcement, with the Nasdaq entering correction territory and losing US$2.5 trillion. The sell-off follows President Donald Trump's sweeping tariffs that sparked global recession fears. In Australia, retailer David Jones entered administration on Thursday, adding to domestic economic concerns.