Stocks are tumbling Monday as oil prices are soaring to the highest level in 13 years, raising fears about a further spike in inflation that could damage the global economy.
Hong Kong
In Asia, Hong Kong's Hang Seng Index sank as much as 5% in morning trading. It was last down 3.4%, on track to log its worst daily drop in seven months. Japan's Nikkei 225 tumbled 3.6%. South Korea's Kospi dropped 2.5%. China's Shanghai Composite lost 1%.On the US market, Dow futures fell 450 points, or 1.3%. S&P 500 and Nasdaq futures were down 1.6% and 2% respectively.The latest turmoil came as US crude futures surged more than 7% to trade at $124.
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