Global stock rout sends S&P to 22-month low
Equities in Tokyo slide the most since August; corporate bond risk climbs even as the yen strengthens past 115 per US dollar for the first time in more than a year
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Wellington
ANXIETY over the global economy intensified, with equities in Tokyo sliding the most since August and index futures indicating US stocks will add to declines that sent the Standard & Poor's 500 Index to a 22-month low. The yen reached its strongest since 2014 and corporate bond risk climbed.
Stock gauges in Japan and Australia slumped and US index futures slid at least 0.8 per cent. Markets from China to South Korea remained closed for Chinese New Year holidays. Evidence of mounting distress in global credit markets boosted government debt, with yields on New Zealand notes sliding to a record, while 10-year Japanese bond rates shed as much as five basis points to below zero. Gold was on track for its longest rally since 2011 as the yen extended gains to surpass 115 per US dollar. Oil traded at about US$30 a barrel.
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