Asian Stocks in Decline As The Escalation By Iran Hits the Market

Taiwan’s Weighted Index led losses in Asia on Friday, declining by 3.81% and closing at 19,527.12, marking its lowest level in over a month. This downward trend coincided with a broader decline in major markets across the region, prompted by escalating tensions in the Middle East.

Amid reports of a limited strike by Israel in Iran, Asian equities experienced declines, causing stocks and risk assets to tumble while safe havens like gold surged.

The precious metal reached an all-time high, accompanied by a strengthening Japanese yen, while bitcoin faced a significant plunge.

Asian Stocks (Credits: Kim Kyung-Hoon)

Oil prices also saw a sharp increase, rising by over 3%, with global benchmark Brent crude futures briefly crossing the $90 per barrel mark before settling just above $88. Meanwhile, U.S. stock futures dropped by more than 1%, recovering slightly to approximately a 0.5% loss.

In Japan, the Nikkei 225 fell by 2.66%, although it managed to pare earlier losses to end at 37,068.35, while the broader Topix index declined by 1.91% to 2,626.32. On a weekly basis, the Nikkei shed 3.65%.

Additionally, Japan released its March inflation data, showing a headline inflation rate of 2.7%, down from 2.8% in February, with the core inflation rate remaining at 2.6%.

South Korea’s Kospi closed 1.63% lower at 2,591.86, while the small-cap Kosdaq ended 1.61% lower at 841.91. Australia’s S&P/ASX 200 lost 0.98%, concluding at 7,567.3, marking its sixth losing session in seven days.

Asian Stocks

In Hong Kong, the Hang Seng index declined by 0.95%, while the mainland Chinese CSI 300 slipped by 0.79%, closing at 3,541.66.

Overnight on Wall Street, the S&P 500 recorded five consecutive days of losses, its longest streak since October, with a 0.22% decline. The Nasdaq Composite dropped by 0.52%, while the Dow Jones Industrial Average added 0.06%, closing slightly above its flatline for 2024.

Josh Alba
Josh Alba
Josh Alba stands at the forefront of contemporary business journalism, his words weaving narratives that illuminate the intricate workings of the corporate world. With a keen eye for detail and a penchant for uncovering the underlying stories behind financial trends, Josh has established himself as a trusted authority in business writing. Drawing from his wealth of experience and relentless pursuit of truth, Josh delivers insights that resonate with readers across industries.
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