Stock futures in Japan, Australia and Hong Kong all declined. The S&P 500 Index lost 1.5% and the Nasdaq 100 slumped 1.6% Tuesday as Wall Street’s fear gauge — the Cboe Volatility Index or VIX — hit the highest since late May after US consumer confidence fell to a four-month low. The MSCI All Country World Index, one of the broadest measures of global equities, fell for an eighth day, matching its longest losing streak in the past decade.
Data showed consumer confidence dropped to 103 from a revised 108.7 in August, missing the median estimate of 105.5 in a Bloomberg survey of economists. Separate reports also showed purchases of new homes fell to a five-month low while home prices in the US rose to a record high over the summer as buyers battled over a tight supply of listings.
One Fed speaker after another in the past week has delivered emphatic messages that they will keep policy tighter for longer if the economy is stronger than expected. Federal Reserve Bank of Minneapolis President Neel Kashkari said he expects the US central bank will need to raise interest rates one more time this year.
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