Asian stock markets sank Monday ahead of a US inflation update that traders worry might lead to more interest rate hikes. Tokyo, Hong Kong and Seoul declined. Shanghai advanced. Oil prices declined. Traders hope Tuesday's inflation data will show upward pressure on U.S. prices is easing, which might encourage the Federal Reserve to ease off efforts to cool business activity and hiring. They worry a strong reading after estimates of 2022 inflation were revised up last week would reinforce plans to keep rates high and possibly increase them.