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Asian Markets Retreat as Oil Tops $100 and Saudi-Houthi Escalation Revives Inflation Fears

Asian financial markets and oil prices
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SINGAPORE: Asian stock markets mostly retreated Wednesday as rising oil prices and escalating Saudi-Houthi tensions overshadowed record highs on Wall Street.

Brent above $100 puts inflation back in focus

Brent crude traded above $100 a barrel while US crude moved above $90, increasing concerns that higher energy costs could keep global inflation elevated. Japan’s Nikkei, South Korea’s Kospi and Hong Kong’s Hang Seng moved lower despite strong US corporate earnings.

Investors are also waiting for Federal Reserve meeting minutes for clues on the future path of US interest rates. Higher oil prices, tighter monetary policy and geopolitical risk are likely to remain key drivers for global markets.

Related: International business and world news

Source: Reuters


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Imran Siddiqui

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