Japanese stocks fell for a second day as a global equities rally faltered amid concern over China’s economy. Commodity-related shares led losses.

The Topix index dropped 0.8 percent to 1,490.63 as of 9:01 a.m. in Tokyo, with four shares falling for each that rose. The Nikkei 225 Stock Average declined 0.7 percent to 18,109.90. The yen traded at 119.75 per dollar after strengthening for the past two days. Mining stocks led the MSCI All-Country World Index to its first drop in 10 days on Tuesday as data showed Chinese imports fell for an 11th straight month.

E-mini futures on the Standard & Poor’s 500 Index slipped 0.1 percent after the underlying gauge fell 0.7 percent on Tuesday, halting a four-day rally that had driven it to the highest level since August.

Investor sentiment will also likely continue to hinge on the Federal Reserve’s policy path. Traders are now pricing in a 37 percent chance of a rate liftoff by December, down from odds as high as 75 percent before China’s surprise currency devaluation in August, while there’s a 59 percent probability of an increase by March, according to data compiled by Bloomberg.

Source: Bloomberg