Asian Markets Slide as Oil Rises and Treasury Yields Pause

Most Asian stock markets fell Tuesday after U.S. shares declined, with Japan’s Nikkei 225 down 1.2% and South Korea’s Kospi off 0.6%. Hong Kong’s Hang Seng lost 0.5%.

On Monday, the S&P 500 fell 0.8%, the Dow Jones Industrial Average dropped 0.7% and the Nasdaq composite slipped 0.9%. U.S. stock futures edged lower Tuesday.

The 10-year U.S. Treasury yield was around 5.25% early Tuesday, after touching 5.27% Monday. The yield had reached its highest level since 2007, as concerns about inflation and U.S. government debt weighed on stocks.

Oil prices rose amid uncertainty about U.S.-Iran talks and whether the Strait of Hormuz might reopen. Brent crude gained 1.8% to $99.63 a barrel, well above its roughly $72 level in late February before the Iran war.

Hong Kong-traded shares of Shein fell 11.7% after the online retailer reported a 67% year-over-year drop in adjusted net profit for its latest quarter. Shanghai’s index edged up 0.1% after Chinese state media reported that the State Council discussed ways to improve macroeconomic policies.

Australia’s S&P/ASX 200 also rose 0.1%, while Taiwan’s Taiex fell 0.6% and India’s Sensex lost 0.7%.