Equity indexes in Japan, Hong Kong and Australia slumped after US shares had their biggest drop in more than two years, with the S&P 500 falling more than 4% and the Nasdaq 100 sliding more than 5%. European equity futures fell while US contracts edged higher.interest rates three-quarters of a percentage point next week with some wagers appearing for a full-point move.
The reversal in markets casts a dark shadow over the debate about the outlook for the global economy and markets. Bank of America’s latestA gauge of the dollar fluctuated after climbing more than 1% on the CPI report. The greenback’s strength weighed Asian currencies, with the Korean won falling 1.5% and the yen’s weakness prompting Japan’s chief currency official to warn that the government wouldn’t rule out any options for responding to foreign exchange moves.
Bitcoin nursed a drop of more than 10% overnight, the biggest decline since cryptocurrencies plunged in June.
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