Asian Markets Tumble as Hot US Inflation Data Stokes Fed Rate Hike Fears

Asian shares fell sharply on Friday after U.S. inflation data bolstered the case for the Fed to keep rates higher.

U.S. consumer prices rose more than expected in September, driven by a surge in rental costs.

Traders now see a stronger chance the Fed will deliver another rate hike this year.

China's consumer and factory gate inflation data showed continued deflationary pressures.

Middle East tensions and tight oil supply lifted crude prices, while the dollar held overnight gains.