Just caught up on what happened when oil spiked past $110 last month - crazy how fast the Asian stock market futures got hammered by that energy shock. Japan's Nikkei tanked over 6%, Korea's Kospi dropped 8%, and honestly the whole region got taken out by repricing of energy costs.

What's interesting is crypto barely flinched. Bitcoin held steady around $67K at the time, and Ether and Solana actually posted gains. Like, traders treated it as an energy-specific thing, not a broad risk-off event. But then you look at the derivatives side - Polymarket had odds on crude hitting $120 by end of March, yet funding rates on oil perpetual futures went negative on Hyperliquid. Basically saying some big players were already positioning for a pullback.

The Asian stock market futures pricing shows people still think the Fed keeps rates unchanged in March despite inflation creeping back in from higher oil. Rates markets are pretty confident on that call. Anyway, it's a good reminder how sensitive Asian equities are to energy shocks - those import-dependent economies feel it immediately when crude rallies.