- Under pressure from a continuing housing crisis in China and what is likely to be a prolonged era of increasing US interest rates, Asian markets maintained close to their lowest levels since March.
- As benchmarks in Australia and Japan sank, a measure of Asian equities also fell for a third straight day. Losses in South Korean shares also put the Kospi Index on pace to hit a six-month low.
- Equities in Hong Kong rose while those on the mainland saw a slowdown in their advances after earlier rapid gains as China reported improved industrial profits. This increase appeared to ignore new instability in the real estate market.
- For a third day, a measure of Chinese real estate developers decreased. Following a six-month suspension of trading, Cifi shares fell by half. Additionally, the wealthy founder and chairman of China Evergrande was taken into custody by the authorities, and Country Garden was given new interest payment due dates. An impending holiday that would close mainland markets for six trade days also contributed to the mood.
- Following Tuesday's 1.5% declines in the S&P 500 and Nasdaq 100 indexes, US equity futures marginally increased. After US consumer sentiment dropped to a four-month low, the selling drove Wall Street's fear gauge, the Cboe Volatility Index or VIX, to its highest level since May.
