Business Maverick: Stocks drop in Asia as traders mull growth worries: markets wrap

An Asia-Pacific equity index shed about 1.5%, led by losses in Japan and in Chinese technology firms. US and European futures wavered but came off session lows as traders evaluated whether a 4% plunge in the S&P 500 index – the biggest daily drop in almost two years – might give way to dip-buying.Earnings reports on Tuesday from US consumer titans stoked worries that high inflation is weighing on margins and consumer spending. Target Corp.

The challenge from inflation for bellwether retailers weakens the argument that corporate earnings can help stem this year’s rout in stocks. Instead, global equities are sliding toward a bear market as recession fears mount. Signs of stress are building in credit markets. Yield premiums on US investment-grade corporate dollar bonds jumped five basis points Wednesday, in one of their biggest moves this year, a Bloomberg index shows. They are now at their highest since mid-2020.

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