Asian currencies and stocks are falling together as traders suddenly expect the Fed to raise rates next week — bad for stock investors, borrowers, and Asian currencies.

• US producer prices came in hotter than expected in August, reviving inflation fears.
• Oil jumped past $100 a barrel as the Middle East conflict heated up, adding to the pressure.
• The Taiwan dollar fell sharply past 31.6 per US dollar, with the yen, yuan and won also weak.
• Taiwan stocks opened sharply lower, part of another "Black Friday" slide across Asia after US indices closed down and tech stocks were hit hardest.
• Bets on a Fed rate hike at next week's meeting jumped to about 70%, up from a coin flip a week ago.

Outlook: Tonight's US consumer price report is the next test — another hot number would lock in rate-hike expectations and keep pressure on Asian markets and currencies.