Korea stocks crash 12% as Iran war spikes oil and rewrites rate-cut bets
Shares in South Korea tumbled 12% Wednesday—marking their sharpest one-day fall on record—as the Iran conflict escalated and oil prices rose, rattling economies reliant on energy imports and prompting investors to slash risk. This selloff hasn't stayed in just one part of the market. Traders are shifting focus—less on headline moves, more on a stubborn wave of oil-fueled inflation that threatens to keep borrowing costs elevated for an extended stretch.