Asian stocks, bonds and currencies tumbled after a broad-based selloff on Wall Street followed a hotter-than-expected US inflation data. The high inflation has triggered expectations of jumbo interest-rate hikes by the Federal Reserve.
Equities in Japan, Hong Kong and Australia slumped after US shares had their biggest drop in more than two years. The S&P 500 lost over 4% and the Nasdaq 100 fell over 5%.
At 7:25 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 1.83% lower at 18,760 points.
Elsewhere, West Texas Intermediate crude was little changed at $87.33 per barrel. Bitcoin fell 10% overnight–the biggest decline since June.
