Global Market Today: Asian equities drop led by Kospi, oil extends gain

MSCI Asia Pacific equities dropped 1.1%, led by South Korea's Kospi falling 4.5% with SK Hynix tumbling over 8.4%, while Japan's Nikkei declined more than 2%. Brent crude extended gains above $85 a barrel for a fourth straight session after fresh US strikes on Iran raised Middle East supply disruption concerns. Softer US producer price inflation eased fears of near-term Fed rate hikes and lifted Asian bonds, but escalating Persian Gulf tensions and a volatile chip sector kept risk sentiment under pressure ahead of TSMC earnings.