Asian markets fall on rate concerns

Despite falling sharply over the last 12 months, US inflation remains stubbornly above the Federal Reserve's long-term target of two percent, leading most Fed officials to predict last month that another hike is needed this year.

"Any 'relief rally' from the US government spending deal appears to have been short-lived as bond markets witnessed a deepening selloff, leading to rising yields across the curve," said SPI Asset Management's Stephen Innes. Hong Kong led the equities decline in Asia Tuesday, falling nearly three percent as the market reopened following a holiday weekend.

The Philippine stock market again opened the week in the red, signifying an overall weakness in sentiment as investors anticipate... The World Bank has downgraded its growth forecast for the Philippines for this year amid high inflation and weak global economic...

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