U.S. Stock Futures Slump as Weakening Yuan Roils Equity Markets
What's Going On in the Markets?
This article is for subscribers only.
U.S. stock-index futures fell as China’s yuan sank to a five-year low in offshore trading, intensifying concern about the outlook for the world’s second-biggest economy.
Contracts on the Standard & Poor’s 500 Index due in March dropped 0.9 percent to 1,994 at 1:03 p.m. in Tokyo, after retreating as much as 1.3 percent. Futures slid with Asian stocks as China set a weaker fix for its currency and North Korea conducted its fourth nuclear test. China has set the tone for global markets so far in 2016, with Monday’s rout in the nation’s equities spurring the sixth-worst start to a year for the S&P 500 since 1932.