US inflation surge sparks equities rout; Treasury yields whip higher then retreat

US inflation data released Thursday morning triggered a sharp selloff across equity markets, with technology stocks leading the decline as investors repriced expectations for Federal Reserve rate hikes. Treasury yields initially spiked before retreating as markets absorbed the inflation signal.

The sell-off deepened across Asia, with Japan's Nikkei and South Korea's KOSPI posting their worst performances in months. Bitcoin $BTC slumped below $81,000 on the back of the hotter-than-expected inflation print, extending losses in risk assets.

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