Asian stocks sank on Monday and bond yields ticked higher, as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a COVID-19 warning from Beijing added to concerns about global growth.
Chinese blue chips dropped 0.84%, and Hong Kong’s Hang Seng suffered a 2.9% slide.
Japan’s Nikkei slumped 2.78%, and South Korea’s Kospi declined 2.78%.
New Zealand’s stock benchmark was off 2.1%. Australian markets were closed for a holiday.
U.S. stock futures pointed to further losses at the reopen, with the S&P 500 indicating 1.54% lower, after Friday’s 2.91% retreat.
