An equities rout that wiped out this year’s gains for U.S. stocks spread to Asia Thursday as concerns mounted that corporate profits and economic growth are peaking amid rising borrowing costs. The yen climbed on demand for haven assets, while Treasuries held gains and the dollar nudged lower.
Most stock gauges across the region lost more than 2%, pushing the MSCI Asia Pacific Index deeper into a bear market. The S&P 500 Index erased this year’s gains following mixed earnings reports from companies such as AT&T and Texas Instruments. The benchmark extended its October rout to almost 9%, making it the worst month since February 2009, while the Nasdaq Composite Index fell into a correction.
Gold climbed. “The fear is palpable in stock markets at the moment,” Greg McKenna, a markets strategist at McKenna Macro, wrote in a note
Thursday. “When folks are struggling to explain the driver of a move that means an obvious circuit breaker is also not in evidence. So this could get much worse before it gets better. Collapses happen after falls. That’s the danger.”
Most stock gauges across the region lost more than 2%, pushing the MSCI Asia Pacific Index deeper into a bear market. The S&P 500 Index erased this year’s gains following mixed earnings reports from companies such as AT&T and Texas Instruments. The benchmark extended its October rout to almost 9%, making it the worst month since February 2009, while the Nasdaq Composite Index fell into a correction.
Gold climbed. “The fear is palpable in stock markets at the moment,” Greg McKenna, a markets strategist at McKenna Macro, wrote in a note
Thursday. “When folks are struggling to explain the driver of a move that means an obvious circuit breaker is also not in evidence. So this could get much worse before it gets better. Collapses happen after falls. That’s the danger.”
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