Asian stocks slid on Tuesday following a sell-off in their U.S. counterparts and as President Xi Jinping offered no fresh commitments to open or stimulate China's economy in a keynote speech, to the disappointment of some observers.
The MSCI Asia Pacific Index decreased 1 percent to the lowest in a week. South Korea’s Kospi index fell 0.4%.
U.S. equity futures showed signs of stabilizing on Tuesday, but it wasn’t enough to prevent declines across Europe and Asia as the rest of the world played catch-up to the rout in American stocks a day earlier. Treasuries, gold and the Japanese yen advanced amid the risk-off mood.
Futures for the S&P 500 Index showed a small rebound after the underlying gauge plunged to the lowest in 14 months on Monday. Oil extended recent declines and WTI hit $49 a barrel, heaping pressure on energy stocks.