Asian Assets Under Pressure as Oil Prices Rise

According to Jin10, the Philippine peso fell to a record low on Wednesday, leading losses among Asian currencies, as a global bond market selloff and renewed U.S. strikes on Iran pushed oil prices higher and weakened risk appetite across the region. The MSCI global emerging market currency index fell 0.2%, and if the current trend continues, it will post its worst single-day performance in a month and end a 10-day winning streak. The MSCI Asia emerging market equity index fell 1.8% to its lowest level in more than a week, while investors sold risk assets after U.S. Treasury yields climbed to multi-year highs and oil prices broke above the key $95 per barrel level following a new round of U.S. airstrikes on Iran.