Asian stocks fell, extending a global equities rout, after the Standard & Poor’s 500 Index sank into a correction.

The MSCI Asia Pacific Index declined 1 percent to 124.61 as of 9:06 a.m. in Tokyo, after just falling short of entering a bear market on Monday. The global share rout pushed the S&P 500’s two-day slide to 7 percent, the steepest since the height of the financial crisis, after Chinese equities sank the most since 2007. E-mini futures on the S&P 500 signaled some respite, with the contracts gaining 1.1 percent.

Japan Topix index fell 2 percent after the yen gained 3.1 percent on Monday. South Korea’s Kospi index rose 0.6 percent and New Zealand’s NZX 50 Index retreated 2.2 percent. Australia’s S&P/ASX 200 Index slid 0.3 percent.

Futures on the FTSE China A50 Index lost 1.4 percent in most recent trading. Contracts on the Hang Seng Index slid 2.1 percent and those on the Hang Seng China Enterprises Index of mainland shares listed in Hong Kong dropped 2.2 percent.

Source : Bloomberg