Stocks sink, yields at multi-decade highs and oil spikes on Mideast flare-up

BREAKING: Global stocks sink and bond yields hit multi-decade highs as oil spikes on the Middle East flare-up, with Tokyo and Seoul tech shares leading losses across Asia.

Stocks are sinking worldwide and bond yields just hit multi-decade highs.

Asia opened ugly. Tokyo and Seoul tech shares are leading the losses, and the red is spreading across the region. The trigger is the Middle East, again. Oil spiked as the fighting between Washington and Tehran keeps the Strait of Hormuz in everyone's risk model, and you can see ships sitting at anchor in the Gulf, which tells you exactly what shippers think of that route right now.

And this one's different. Normally when stocks fall, money hides in bonds and yields come down. Not today. Yields at multi-decade highs mean bonds are getting sold too, so there is nowhere comfortable to sit. Expensive oil plus expensive borrowing is the combination central banks hate most.

Watch the crude price and the long end of the bond market. Until one of them blinks, every rally is a rental.

This is Sara White, reporting for HIT.