Asian Markets A Sea Of Red

Asian markets are a sea of red on Thursday, following the broadly negative cues from Wall Street overnight, after hotter-than-expected U.S. inflation data revived bets on interest rate hikes by the US Fed that prompted a sell-off in technology and semiconductor stocks on concerns of rising borrowing costs amid heightening investments in artificial intelligence. Asian markets closed mostly lower on Wednesday.

Crude oil prices are also spiking as the recent escalation in attacks on regional energy infrastructure and tanker traffic in the Middle East is threatening to derail a recovery in oil supply.