Asian Stocks Fall for Fourth Day as Yen Weighs on Japan Shares
- S&P 500 Index sinks 1.2% in New York trading on Tuesday
- VIX surged 15% as investors plan for December U.S. rate rise
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Asian stocks headed for a fourth day of declines after U.S. markets slumped on disappointing earnings, volatility spiked, and a stronger yen weighed on Japanese shares.
The MSCI Asia Pacific Index lost 0.4 percent to 139.25 as of 9:08 a.m. in Tokyo, while Japan’s Topix index sank 0.7 percent. The S&P 500 Index declined 1.2 percent, the most in a month, amid growing speculation the Federal Reserve will raise interest rates before the end of this year and Alcoa Inc. kicked off U.S. earnings season by disappointing investors. The CBOE Volatility Index jumped 15 percent to a three-week high. Commodity producers sank as a gauge of the U.S. dollar reached a two-month high, curbing the earnings outlook for mining firms.