Asian stocks fall as oil rises amid renewed Middle East hostilities
Asian equity markets declined Tuesday as oil prices climbed amid renewed Middle East hostilities, raising inflation concerns and strengthening expectations for near-term rate hikes. Global bond yields rose to fresh highs, pressuring equities.
Asian equity markets declined on Tuesday as oil prices climbed higher amid renewed hostilities in the Middle East, stoking inflation concerns and strengthening expectations for near-term interest rate hikes.
US forces struck an island in the Strait of Hormuz, while Iran responded with attacks on the UAE and Jordan, marking a return to combat between the US and Iran after roughly a month.
Global bond yields rose to fresh highs on growing inflation concerns, with Japan’s benchmark 10-year yield reaching a fresh 30-year high, adding to downward pressure on equities.
Stocks in Australia, Japan, South Korea, China and Hong Kong all fell, with technology and artificial intelligence-related companies leading the losses.