Asian Stocks, Bonds Slide as Oil Prices Surge to $110

Asian stocks and bonds fell on Thursday as oil prices surged to nearly $110 a barrel, prompting concerns about inflation and interest rate hikes. The MSCI Asia Pacific Index dropped 1.3%, with Japan and South Korea leading the losses.

The S&P 500 Index slipped 0.5% in US trading, while Brent crude rose 0.7%. Treasury yields hit multi-year highs as investors anticipated a Federal Reserve interest rate hike next week.

Australia's three-year yield jumped to 5.05%, its highest level since 2011, while New Zealand's two-year yield climbed 21 basis points. Oracle Corp. shares gained about 6% in extended trading after reporting faster growth in its cloud-computing business than analysts had projected.