Asian markets tumble, Kospi sheds over 7.8%

Mettis Global reported that Asian stock markets slid sharply on Thursday, with South Korea and Japan recording the deepest declines. Technology heavyweights SK Hynix and Samsung Electronics weighed most on the Kospi, which sank more than 7.84%, while the Kosdaq also posted steep falls. Japan's Nikkei 225 shed 4.4%, and the broader Topix index slipped 1.8%.

Hong Kong's Hang Seng lost around 1%, China's CSI 300 slid 1.41% and Australia's S&P/ASX 200 eased 0.85%, figures cited by CNBC. The slide came after Wall Street closed lower, following a faster annual rise in US consumer prices for September than had been expected. Investors fear the Federal Reserve could tighten policy more aggressively before year end, while attacks on commercial ships in the Strait of Hormuz added to worries about energy supply.

Jamie Cox of Harris Financial Group said the inflation picture is increasingly worrying, pointing to an energy supply shock and lingering conflicts as main drivers of price pressure. Attention now turns to US producer price figures for September, retail spending and weekly unemployment claims, all scheduled for Thursday, along with earnings reports from U.S. Bancorp, PNC Financial Services and Charles Schwab.