On March 29, 2026, a misty skyline of Hong Kong set the backdrop for a rather tumultuous day in the Asia-Pacific markets. As geopolitical tensions flared, investors were left to grapple with the potential implications of U.S. President Donald Trump’s stern warning to Iran. Trump’s latest message, delivered on the social media platform Truth Social, urged Iran to “get moving, FAST,” implying serious repercussions if action wasn’t taken swiftly. However, specifics on the expectations from Iran or the possible consequences were not provided, leaving much room for speculation and concern.
The ripple effects of this geopolitical unease were evident in the markets. Oil prices saw significant movement, climbing over 1% amidst fears of possible disruptions in global oil supplies. Brent crude futures, a key international benchmark, rose by 1.77%, trading at $111.19 per barrel. Meanwhile, U.S. West Texas Intermediate futures for June enjoyed a 2.12% increase, reaching $107.65 per barrel.
The uncertainty took its toll across various regional stock markets. In Australia, the S&P/ASX 200 dipped by 1.46%. Japan’s Nikkei 225 also faced a downturn, dropping 0.87%, while the Topix index decreased by 0.78%. Despite a rocky start, South Korea’s Kospi managed to defy the trend, closing 0.92% higher. In contrast, the smaller Kosdaq index struggled, experiencing a 1.63% decline.
As market players braced for further developments, the precarious balance between economic stability and geopolitical strife continued to dominate the day’s trading narrative.
Oil prices advanced more than 1%. International benchmark Brent crude futures for July gained 1.77% to trade at $111.19 per barrel. U.S. West Texas Intermediate futures for June advanced 2.12% to $107.65 per barrel.
In Australia, the S&P/ASX 200 fell 1.46%. Japan’s Nikkei 225 lost 0.87%, while the Topix was 0.78% lower. South Korea’s Kospi rose 0.92%, reversing losses at the start of the session, while the small-cap Kosdaq fell 1.63%.
Yields on the Japanese 10-year government bond jumped over 9 basis points to 2.793%, extending the selloff on the back of a rise in global bond yields as inflation fears mounted.
Hong Kong’s Hang Seng index fell 1.43%, while the mainland CSI 300 was down 0.77%. Taiwan’s Taiex declined 0.96%.
India’s Nifty 50 declined 1.07%.
Tensions between Washington and Tehran have remained elevated despite a fragile ceasefire reached in early April. The U.S. has continued its blockade of Iranian ports, while Iran has kept the Strait of Hormuz shut since the conflict began.
U.S. stock futures were little changed following a record-setting week, with traders awaiting quarterly results from Nvidia and major U.S. retailers.
Dow Jones Industrial Average futures slipped 100 points, or 0.2%. S&P 500 and Nasdaq-100 futures hovered around the flatline.
Last week on Wall Street, the major indices closed lower on Friday, weighed down by losses in technology stocks and a rise in U.S. Treasury yields after a summit between President Donald Trump and Chinese President Xi Jinping ended without major policy breakthroughs, leaving traders worried.
The S&P 500 shed 1.24% to end at 7,408.50, while the Nasdaq Composite slipped 1.54% to 26,225.14. The Dow Jones Industrial Average was down 537.29 points, or 1.07%, and closed at 49,526.17.
Investors took profits in tech after the group saw sharp gains recently. Notably, Intel retreated more than 6%, while Advanced Micro Devices and Micron Technology lost 5.7% and 6.6%, respectively. Nvidia dropped 4.4%, while Cerebras Systems — which surged 68% Thursday after it began trading on the Nasdaq — shed 10%.
— CNBC’s Sean Conlon, Sarah Min and Lisa Kailai Han contributed to this report
