• Asian stocks are set to be under pressure from the open after US shares extended their losing streak to the longest since January.
• Equity futures contracts in Japan, Hong Kong and South Korea all indicate early losses, while those in Australia and China gained. US futures were little changed after the cash market fell for a fourth day Wednesday with the S&P 500 extending declines from last week’s record high to more than 4%.
• The equity risk premium for US equities — a measure of the differential between stocks and bonds’ expected returns — is now deep in negative territory, something that hasn’t happened since the early 2000s.
• Elsewhere, oil slumped more than 3% Wednesday, weighed by weaker Chinese industrial data and as US crude inventories swelled, while gold dropped 0.9%.