As some markets in the area get ready for a holiday, shares in Asia dipped as a rise in global oil prices strengthened the argument for higher rates for longer.

After stockpiles at a significant storage hub decreased, the US benchmark oil price reached $95 per barrel for the first time in more than a year. The 10-year Treasury yield remained close to the 4.6% mark it reached in the previous session, the highest since 2007. The increase increased worries that inflation would continue to be strong.

A crucial indicator of regional equities declined as a result of more than 1% declines in equity benchmarks in Japan and Hong Kong. Prior to an extended holiday for onshore markets, which will close on Friday before resuming again on October 9, stocks in mainland China were neutral.

Chinese developers continued to lose money after Wednesday's decline to levels last seen in 2011. Another unsettling development for the industry that has been beset by a protracted debt issue is the Hong Kong stock exchange's suspension of trading in China Evergrande.

Following Wednesday's flat closing price on Wall Street, US futures reversed an Asian morning rise. A widely followed index of global stocks plummeted for the ninth day in a row, marking its worst losing streak in a decade, and began lower.

September has once again proven to be challenging. The 10-year Treasury yield has increased by the greatest over that time span, and it appears that this month will be the worst for global stocks in a year. The greatest monthly decline in a US investment grade corporate bond index since February has brought the benchmark to a loss for 2023.