FX.co ★ Asian Stocks Drop on Rallying Oil Prices

Asian equity markets dropped sharply on Wednesday, following Wall Street lower as a surge in oil prices intensified concerns about inflation and looming interest rate hikes. Global bond yields also climbed amid growing inflation worries, expectations of monetary tightening, and deteriorating fiscal conditions, adding further pressure on stocks. Tech-heavy indexes in South Korea and Japan fell around 3%, leading the regional declines. Markets in Australia, China, and Hong Kong also posted significant losses.