Asian markets slide amid global bond rout, tech stocks tumble

Asian equities retreated on Wednesday, with technology and chip shares leading the decline, according to Mettis Link News. The Kospi in South Korea lost 5.54%, the Nikkei 225 in Japan fell 2.64%, and mainland China's CSI 300 index lost 2.41%. Memory maker Kioxia slid 9.13% in Japan, while SK Hynix in Seoul dropped 8.66%.

Wall Street had already fallen for a third straight session, with the Nasdaq Composite losing 1.3% and the Dow Jones Industrial Average shedding 116 points, or 0.2%. Rising borrowing costs and higher oil prices were cited as drags on sentiment. The 30-year US Treasury yield touched a 19-year peak on Tuesday, while Japan's 10-year bond yield hit its loftiest point in three decades.

Despite the bond sell-off, the wider equity reaction stayed fairly contained, as investors leaned on expectations of steady growth and solid earnings. Attention now turns to the minutes of the latest Federal Open Market Committee meeting, due later on Wednesday. Traders are watching for signs of disagreement at the Federal Reserve, after three policymakers backed a rate hike in July.