Asian stocks fall as oil rallies and rate-hike fears grow
Asian equity markets fell sharply, tracking Wall Street lower. A surge in oil prices raised inflation concerns alongside expectations of monetary tightening, with global bond yields rallying; tech-heavy South Korea and Japan indexes dropped about 3%.
Asian equity markets fell sharply on Wednesday, tracking Wall Street lower as a surge in oil prices fuelled concern about inflation and imminent interest-rate hikes. Global bond yields also rose on mounting inflation worries, expectations of monetary tightening and worsening fiscal conditions, adding pressure on equities. Tech-heavy indexes in South Korea and Japan dropped about 3%, leading regional declines. Shares in Australia, China and Hong Kong also slumped.