Share markets nosedived in Asia on Monday as the inflationary jolt from surging oil prices threatened to raise living costs and interest rates across the globe, while investors desperate for liquidity fled to the US dollar. US crude shot up a staggering 28 per cent to $116.51, promising to push petrol prices quickly skyward. China on Monday said inflation had already picked up in February ahead of the current oil spike, consumer prices rising 1.3 per cent on the year. Over in Europe, Euro Stoxx 50 futures and Dax futures both slid 3.2 per cent, while FTSE futures dropped 1.4 per cent. “Asia takes the of the sharp escalation in oil prices and there are few places to run and hide,” said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho.

Source: The Irish Times March 09, 2026 14:18 UTC