Oil jump and rising bond yields send Asian markets lower

Asian stocks fell sharply Wednesday after renewed U.S. airstrikes on Iran pushed Brent crude to $95.45 a barrel and drove the U.S. 10-year Treasury yield to 4.8122%, its highest level in nearly three years.

The MSCI Asia-Pacific index outside Japan dropped 2%, while South Korea’s KOSPI fell nearly 4% and Japan’s Nikkei 225 lost 2.9%. U.S. stocks also declined overnight, with the S&P 500 down 0.7% and the Nasdaq Composite off 1%.

Investors worried that possible disruptions to the Strait of Hormuz could renew inflation pressures. Markets also raised the implied chance of a Federal Reserve rate increase at its meeting ending Sept. 16 to 67%, up from 39.6% a week earlier.

Read the full story at whtc.com.