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Asian stocks fall as oil exceeds $107
Asian stock markets experienced significant declines due to oil prices rising above $107 per barrel and investor concerns over a slowdown in the artificial intelligence sector, following calls to slow development to manage risks. The Kospi index dropped by 3.2%, the Japanese Nikkei by 1%, and the MSCI Asia-Pacific index by 1.1%. Oil prices increased because of the Houthis' escalation against Saudi Arabia, targeting an oil pipeline, and the postponement of Iranian-Gulf talks, all of which heightened fears of global inflation. Markets are also preparing for an 86% chance of a U.S. interest rate hike.
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