Kospi opens lower as rising oil prices fuel inflation concerns, lift Treasury yields

Stocks opened lower on Tuesday, tracking Wall Street losses as rising oil prices fueled inflation concerns and lifted U.S. Treasury yields, caused by tensions in the Middle East.

The Kospi fell 45.33 points, or 0.66 percent, to 6,844.11 at the opening bell.

Overnight, U.S. stocks retreated as renewed tensions between the United States and Iran drove crude oil prices higher, fueling concerns that higher energy costs could keep inflation and interest rates high.

Treasury yields extended their climb, with the benchmark 10-year yield rising to 5.23 percent and the 30-year yield climbing to 5.55 percent, hovering around multiyear highs.

The S&P 500 fell 0.77 percent, the Dow Jones Industrial Average slipped 0.67 percent and the tech-heavy Nasdaq composite index decreased 0.92 percent.

Yonhap