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 oil prices heightened concerns over inflation and imminent interest rate hikes.
Global bond yields also rallied on mounting inflation worries, expectations of monetary tightening and worsening fiscal conditions, pressuring equities further.
Tech-heavy indexes in South Korea and Japan dropped about 3%, leading regional declines.
Shares in Australia, China and Hong Kong also slumped.