Asian stocks fall amid oil rise

Asian stocks declined at the start of trading amid rising oil prices above $90 a barrel and increased bets on U.S. interest rate hikes. The Japanese Nikkei fell by 1.6%, South Korea by 2.2%, the MSCI Asia Pacific Index by 1.2%, and Chinese markets by 0.7%. The decline comes amid escalating tensions between the United States and Iran, as well as rising oil prices, which heighten inflation concerns and dampen risk appetite—especially with the increasing likelihood of a Federal Reserve rate hike to 57% in September. This has led to rising U.S. bond yields and a decline in global markets.

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