The
selloff sweeping through global equity markets looked set to continue
in Asia, with index futures signaling more declines amid mounting
concern over the impact of China’s slowdown. Australian bonds rose and
the yen held gains as rising volatility fueled demand for haven assets.
Futures
on gauges from Japan to Australia slumped as a measure of global stocks
tumbled to a two-year low, putting it on track for the worst quarter
since 2011. U.S. index futures rallied amid the highest expected price
swings for American equities since the start of September, after
small-caps and biotechnology companies led Monday’s selloff. The dollar
maintained gains against its high-yielding peers as more Federal Reserve
officials backed a 2015 interest-rate rise, while copper futures
extended their slump.
Nikkei
225 Stock Average futures were bid for 17,400 in the Osaka pre-market,
after closing at 17,690 in Japan on Monday. Contracts on Australia’s
S&P/ASX 200 Index slid 2 percent amid the rout in commodities, while
futures on the FTSE China A50 Index declined 1.4 percent in most recent
trading. Markets in Hong Kong and Taiwan resume trading Tuesday after a
holiday, while South Korea is closed until Wednesday.
New
Zealand’s S&P/NZX 50 Index, the first major stock gauge to start
trading each day in the Asian region, retreated 0.9 percent by 12:04
p.m. in Wellington.
Source: Bloomberg
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