Asia Stocks Tumble on Rate Concerns and Global Market Volatility

Asian shares experienced a significant decline on Friday, heading for their largest one-day percentage drop in a week, following stronger-than-expected US consumer prices data that reinforced expectations of the Federal Reserve maintaining higher interest rates for a longer period. The MSCI Asia-Pacific index fell 1.2%, although it is still on track for a weekly gain of 1.4%. European markets were also expected to open lower. The US inflation report, along with weak demand for US 30-year bonds, pushed Treasury yields higher. The data highlighted the challenges the Fed faces in bringing inflation down to its 2% target.