Asia-Pacific markets are mostly trading lower, with the Australian S&P/ASX 200 being the sole gainer with only a 0.1% increase. On the other hand, Chinese indices and the Japanese Nikkei 225 are experiencing losses of over 0.60% and 0.80%, respectively.

Asian shares fall due to rising global oil prices, which bolster the case for prolonged higher interest rates.

The US benchmark oil price hits $95 per barrel, its highest in over a year, following a decrease in inventories at a major storage hub. 

The 10-year Treasury yield hovers around 4.6%, its peak since 2007, exacerbating concerns about persistent inflation.

Chinese developers face further losses, reaching lows not seen since 2011, with trading in China Evergrande suspended on the Hong Kong stock exchange amid ongoing debt challenges.

Japan's Finance Minister Shunichi Suzuki is warning against speculative trading on the yen, which is nearing an 11-month low with USDJPY nearly 150 per dollar. While he hasn't confirmed any plans for rate checks or interventions, he's keeping all options open to address excessive currency volatility.

Australian Retail Sales was released today. Data came slightly weaker than expected. Final monthly change is 0.2% versus forecasted 0.3% and 0.5% previously.

WH Economic Adviser Bernstein said that the US economy is expected to keep going in a pretty good direction absent a policy mistake or exogenous shock. The US economy is facing headwinds from a possible shutdown, student debt restart, higher interest rates and United Auto Workers (UAW) strike.

Precious metals are trading virtually flat. There were no significant movements in the first part of the day.

Cryptocurrencies are trading slightly higher, but without any sharp movements. However, cryptocurrencies are supported by the growing concerns of investors about fears of a US government shutdown, excessive debt, and huge interest payments.