Global Markets: Record selloff in Seoul leads stock rout as markets brace for energy shock

SINGAPORE: Asian stocks tanked on Wednesday,with a record-breaking market crash in Seoul, as investors dumped crowded bets on chipmakers on worries a widening Middle East ​war will drive an oil shock that raises inflation and delays interest rate cuts. Asia is heavily dependent on energy imports shipped through the near-shuttered Strait of Hormuz and nowhere was the strain clearer than in Seoul, where the session finished with the market plunging 12 percent, the largest drop on record.

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