Commodities
Southeast Asia Stocks Slide Amid Oil Price Surge
Stocks in Southeast Asia retreated on Tuesday as oil prices surged above $90 per barrel, fueled by Middle East tensions and global bond yields hitting fresh highs.
The MSCI gauge of Asean stocks fell 0.3% to a two-week low, pressured by declines in Singapore's FTSE Straits Times index (0.8%) and Malaysia's benchmark stock index.
Taiwan's stocks bucked the trend, rising 1.8% after reaching a near two-month high earlier in the session.
Yeah Kim Leng, professor of economics at Sunway University's Jeffrey Cheah Institute on Southeast Asia, attributed global macro jitters to renewed fighting in the Middle East and soaring oil prices, weighing on Asian equities.