Asian Markets Plunge as Oil Prices Stoke Inflation Fears

A global bond selloff has extended into Asia as oil prices continue to rise, stoking inflation concerns. The Australian and New Zealand 10-year government bonds have slipped in early Asian trading.

The yield on a global bond index hit 4% for the first time since 2007, according to Bloomberg Terminal. This surge in yields has fueled expectations of further Federal Reserve interest-rate hikes.

The elevated oil prices are a major concern as they can lead to higher inflation rates. The impact of this is being felt across various markets, including bonds and stocks.