Asian Stocks Slide as Oil Prices Soar, Inflation Fears Mount
Asian stocks are poised to decline on Thursday as surging oil prices and Treasury yields stoke inflation concerns ahead of key US price data.
The S&P 500 Index fell 0.5%, led by industrial and consumer-discretionary shares, while the Nasdaq 100 Index dropped 0.3% after Nvidia Corp., Amazon.com Inc. and Alphabet Inc. declined.
Treasury yields climbed, with the 10-year reaching its highest since 2023, after the government said it would purchase up to $6 billion of longer-dated debt, disappointing some investors who had expected a larger increase.
US oil rose above $97 a barrel early Thursday after Brent settled above $101 as escalating Middle East tensions raised concerns about energy supplies, adding to expectations that the Federal Reserve may need to raise interest rates to contain inflation.