South Korea’s Kospi Drops More Than 7% as U.S. Inflation Revives Rate Fears

South Korea’s Kospi plunged more than 7% in Thursday trading as hotter U.S. inflation revived bets on further Federal Reserve rate increases, adding pressure to Asian risk assets. The September U.S. consumer price index (CPI) rose 3.7% from a year earlier, up from 3.4% in August and above economists’ expectations. Chipmakers led local losses: Samsung Electronics and SK Hynix each dropped more than 8%. The Korea Exchange paused program trading for five minutes after the plunge. The MSCI Asia Pacific index fell 2.2%, reaching its lowest level since July. The pressure followed losses on Wall Street Wednesday.

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