Asian Stocks Plummet as Rising Yields and Crude Prices Weigh on Risk Assets

Asian stock markets declined on Monday, with India's BSE Sensex plummeting 990 points, or 1.34%, to trade at 72,905.

The broader retreat also saw Nikkei 225 drop 0.73% and China's Shenzhen index plummet 3.44%.

US futures fell following the Asian market decline, with Dow Jones futures dropping 188 points and Nasdaq 100 futures declining by over 262 points.

The 10-year US Treasury yield reached 5.17% last Friday, its highest level since 2007, according to Ed Yardeni and Toby Hearst of Yardeni Research.

Bitcoin (BTC) pulled back to the $83,400-$83,500 range after briefly exceeding $85,000, with elevated US Treasury yields and declining daily inflows to US Bitcoin ETFs weakening its upward momentum.