Asian stocks tumbled toward an almost three-year low, the cost of insuring debt in the region surged and the yen advanced as a selloff in commodity-trading firms spooked investors.
The yen was stronger against all 16 major peers, while the cost of insuring Asian debt jumped to the highest since October 2013. Australian bonds tracked Treasury gains.
Japan’s Topix index slid 3.6 percent, set for its lowest close since Jan. 22 as materials and health-industry stocks led declines. The Nikkei Stock Average Volatility Index jumped 10 percent in a second day of gains.
Hong Kong’s Hang Seng Index retreated 3.4 percent after a holiday Monday, while a gauge of Chinese companies listed in the city dropped 3.7 percent. The Shanghai Composite Index fell 1.3 percent. Taiwan markets remain shut as a typhoon lashes the island.
Futures on the Standard & Poor’s 500 Index were little changed following a 2.6 percent slump in the U.S. benchmark Monday. Contracts on the Dow Jones Industrial Average and the Nasdaq 100 Index lost 0.1 percent, after earlier rising as much as 0.3 percent.