A slump in stocks is set to continue in Asia on Thursday after mounting fears of an economic downturn hit US shares and spurred a flight to havens including Treasuries and the dollar.
Futures signal declines loom for Japan, Australia and Hong Kong in the wake of a 4% plunge in the S&P 500, the biggest daily drop in almost two years. The technology-heavy Nasdaq 100 shed over 5%. S&P 500 E-Minis fell 0.2% in early Asian trading.
Earnings reports from consumer stalwarts stoked worries that high inflation is weighing on margins and consumer spending. Target Corp. plunged the most since Black Monday in 1987, a day after Walmart Inc. also spiraled lower.
