- Asia's stocks plummeted as Wall Street sank, reflecting heightened concerns about the banking industry ahead of the Federal Reserve's decision on Wednesday, when policymakers are likely to hike interest rates.
- Stocks fell in Hong Kong, South Korea, and Australia, while markets in Japan and mainland China were closed for the holiday season. Due to the Japanese holiday, there is no trading of cash Treasuries during Asia hours.
- After the S&P 500 fell 1.2% on Tuesday, US equity futures edged higher in Asia, with the financial sector outperforming the energy sector. PacWest and Western Alliance both fell at least 15% on Monday, only a day after JP Morgan Chase & Co.'s acquisition of First Republic Bank appeared to boost confidence in the industry.
- The drop in energy equities came as the US oil price fell 5.3%, the most since July, indicating concern about global growth. The drop levelled off early Wednesday.
