Asian Markets Sink as Oil Price Surge Fans Inflation Fears

A global bond selloff continued into Asia as rising oil prices fueled inflation concerns. This move pushed long-term Treasury yields to multi-decade highs and increased expectations for further Federal Reserve interest-rate hikes.

The Australian and New Zealand 10-year government bonds slipped in early Asian trading. The yield on a global bond index hit 4% for the first time since 2007, according to Bloomberg Terminal.