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Asian Markets Slide as US Airstrikes on Iran Lift Oil and Bond Yields
Asian stocks tumbled on Wednesday as renewed US airstrikes on Iran pushed oil prices higher and fueled a global bond market selloff. Major indices fell sharply, with South Korea's KOSPI dropping 3% and Japan's Nikkei 225 sinking 2.2%, while Treasury yields hit multi-year highs, prompting concerns about inflation and potential Fed rate hikes.
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Asian Markets Slide as US Airstrikes on Iran Lift Oil and Bond Yields
Asian stocks slumped at the start of trading on Wednesday as a bond market-induced panic spilled over into the region, following renewed US airstrikes on Iran that pushed oil prices higher. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8 per cent in early trading, with South Korea's KOSPI dropping 3 per cent on the open and Japan's Nikkei 225 sinking 2.2 per cent. S&P 500 e-mini futures were flat.
Brent crude futures extended gains into a second day, rising 0.7 per cent to $95.34 a barrel after the US launched a barrage of airstrikes on Iran on Tuesday, which earlier pushed oil prices to a five-week high. Westpac analysts wrote: "The threat of further disruptions to the Strait of Hormuz has brought about renewed anxiety over inflation, driving a selloff in stocks across most major markets and a rout in global bond markets."
The yield on the US 10-year Treasury bond was up 0.4 basis point at 4.798 per cent, while the US dollar index, which measures the greenback's strength against a basket of six currencies, held near the highest levels of the past two weeks at 99.67. Overnight on Wall Street, the S&P 500 slipped 0.7 per cent and the Nasdaq Composite fell 1 per cent as a surge in government bond yields weighed on equities. The declines came as data from the Institute for Supply Management released on Tuesday showed US manufacturing activity moderated in August amid a slowdown in new orders, but remained in expansionary territory.
Traders believe that the Federal Reserve is likely to lift interest rates at its next meeting in two weeks, though a hike is not certain. Fed funds futures are pricing an implied 67 per cent probability of a 25-basis-point increase to benchmark borrowing costs at the US central bank's two-day meeting ending on September 16, compared to a 39.6 per cent chance a week ago, according to the CME Group's FedWatch tool.
Regional Impact and Currency Moves
The yield on the US 10-year Treasury bond hit an intraday high of 4.8122 per cent, its highest level in almost three years, while the yield on the 10-year Japanese government bond rose 2 basis points to 3.015 per cent, extending its climb after reaching a three-decade high earlier this week. DBS analysts wrote: "September kicked off on a shaky note as developed market government bonds continued to sell off." They added: "Brace for a volatile month ahead as high yields cause angst across the asset classes. If the bond rout does not get stemmed, policymakers would probably have to resort to more aggressive measures to cap yields."
The kiwi dollar was down 1 per cent at $0.5834 after the Reserve Bank of New Zealand hiked interest rates by 25 basis points to 2.75 per cent, as expected by markets, though dovish language in the central bank's statement weighed on the currency. Capital Economics analysts wrote: "The RBNZ hiked rates as expected, but tempered expectations for further tightening. The messaging sounded a bit less hawkish than before."
Commodities and Crypto
Gold was flat at $4,328.59 an ounce, while bitcoin slipped 0.2 per cent to $77,246.57 and ether was 0.3 per cent lower at $2,412.60.
How each outlet told it
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Framing: Asian markets tumble as US-Iran fighting lifts oil and bond yields
Facts Included:
The US launched a barrage of airstrikes on Iran on Tuesday
South Korea's KOSPI dropped 3 per cent on the open
Japan's Nikkei 225 sank 2 per cent
S&P 500 e-mini futures were flat
The US dollar index held near the highest levels of the past two weeks at ［missing number, as reported in text: 'at [16] 67'］ 67
Overnight on Wall Street, the S&P 500 slipped 7 per cent and the Nasdaq Composite fell 1 per cent
Data from the Institute for Supply Management released on Tuesday showed US manufacturing activity moderated in August amid a slowdownin new orders, but remained in expansionary territory
Fed funds futures are pricing an implied 67 per cent probability of a 25-basis-point increase to benchmark borrowing costs at the US central bank's two-day meeting ending on September 16
Framing: The headline emphasizes the market reaction (Asian markets tumble) and the cause (US-Iran fighting) driving oil prices higher
Facts Included:
Japan's Nikkei 225 sank 2 per cent in early trade
S&P 500 e-mini futures were flat
Westpac analysts wrote: 'The threat of further disruptions to the Strait of Hormuz has brought about renewed anxiety over inflation, driving a selloff in stocks across most major markets and a rout in global bond markets'
The declines came as data from the Institute for Supply Management released on Tuesday showed US manufacturing activity moderated in August amid a slowdown innet new orders, but remained in expansionary territory
Traders believe that the Federal Reserve is likely to lift interest rates at its next meeting in two weeks, though ahike is not certain
Fed funds futures are pricing an implied 67 per cent probability of a 25-basis-point increase to benchmark borrowing costs at the US central bank's two-day meeting ending on September 16, compared to a 6 per centchance aweekago, according to the CME Group's FedWatch tool
Framing: The headline emphasizes market declines in Asia and the role of US-Iran fighting in lifting oil prices. — measured alarm
Facts Included:
South Korea's KOSPI dropped three per cent on the open
Japan's Nikkei 225 sank 2 per cent
S&P 500 e-mini futures were flat
The US launched a barrage of airstrikes on Iran on Tuesday
Westpac analysts wrote: "The threat of further disruptions to the Strait of Hormuz has brought about renewed anxiety over inflation, driving a selloff in stocks across most major markets and a rout in global bond markets"
The US dollar index held near the highest levels of the past two weeks at .......... (sentence 67)
The Nasdaq Composite fell one per cent
Data from the Institute for Supply Management released on Tuesday showed US manufacturing activity moderated in August amid a slowdown in new orders
Traders believe that the Federal Reserve is likely to lift interest rates at its next meeting in two weeks
Fed funds futures are pricing an implied 67 per cent probability of a 25-basis-point increase to benchmark borrowing costs at the US central bank's two-day meeting ending on September 16
The CME Group's FedWatch tool showed a .......... (sentence 6 per cent chance a week ago)
Ether was .......... (sentence 3 per cent lower at .......... ... ..........)
Framing: Highlights Asian market declines and attributes them to US-Iran fighting, with the rise in oil and bond yields
Facts Included:
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.8 per cent in early trading
S&P 500 e-mini futures were flat
The US launched a barrage of airstrikes on Iran on Sept 1
Overnight on Wall Street, the S&P 500 slipped 0.7 per cent and the Nasdaq Composite fell 1 per cent
Data from the Institute for Supply Management released on Sept 1 showed US manufacturing activity moderated in August amid a slowdown in new orders
Fed funds futures are pricing an implied 67 per cent probability of a 25-basis-point increase to benchmark borrowing costs at the US central bank’s two-day meeting ending on Sept 16
Westpac analysts wrote: 'The threat of further disruptions to the Strait of Hormuz has brought about renewed anxiety over inflation, driving a selloff in stocks across most major markets'
Framing: Emphasizes the tumble in Asian markets as a result of US-Iran fighting, while also highlighting the rise in oil and bond yields
Facts Included:
Asian stocks slumped on Wednesday after renewed U.S. airstrikes on Iran pushed oil prices to a five-week high
Data from the Institute for Supply Management released on Tuesday showed manufacturing activity moderated in August amid a slowdown in new orders, but remained in expansionary territory
Fed funds futures are pricing an implied 67% probability of a 25-basis-point increase to benchmark borrowing costs at the central bank's two-day meeting ending on September 16, compared to a 6% chance a week ago, according to the CME Group's FedWatch tool
AI-extracted; can misattribute a claim — see Methodology.
Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the distinct outlets we found asserting that specific claim — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.
Claim
Confidence
Status
ClaimStocks slumped at the start of the Asian trading session on Sept 2, 2026, after renewed attacks by the US on Iran pushed oil prices higher.
ClaimWestpac analysts wrote: 'The threat of further disruptions to the Strait of Hormuz has brought about renewed anxiety over inflation, driving a selloff in stocks across most major markets and a rout in global bond markets.'
ClaimThe US dollar index, which measures the greenback's strength against a basket of six currencies, held near the highest levels of the past two weeks at 99.67 on Wednesday.
ClaimData from the Institute for Supply Management released on Sept 1 showed US manufacturing activity moderated in August amid a slowdown in new orders.
ClaimFed funds futures are pricing an implied 67 per cent probability of a 25-basis-point increase to benchmark borrowing costs at the US central bank's two-day meeting ending on September 16, compared to a 39.6 per cent chance a week ago, according to the CME Group's FedWatch tool.
ClaimDBS analysts wrote: 'If the bond rout does not get stemmed, policymakers would probably have to resort to more aggressive measures to cap yields.'