An equities rout that wiped out this year’s gains for U.S. stocks is poised to spread to Asia Thursday as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs. Treasuries rallied for a second day on demand for haven assets and the dollar climbed.
Asian futures sunk, threatening to push the MSCI Asia Pacific Index deeper into a bear market with the gauge already down 20 percent from a January peak. 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 percent, making it the worst month since February 2009, while the Nasdaq Composite Index fell into a correction.
Source: Bloomberg Finance L.P.
Chart: Used with permission from Bloomberg Finance L.P.
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