A man studies an electronic board showing stock prices at the Tokyo Stock Exchange on August 2, 2022, in Tokyo.
Photo by Kazuhiro Nogi via AFP | Getty Images
Markets across the Asia-Pacific region experienced a downturn on Thursday amid rising tensions in the Middle East, spurred by recent U.S. military actions in Iran.
According to a U.S. official speaking to MS NOW on Wednesday, American forces launched strikes against a military facility that was deemed a threat to U.S. personnel and commercial shipping in the Strait of Hormuz.
In response to what it considered “hostile missile and drone threats,” Kuwait activated its air defense systems on Thursday, as confirmed by a social media post from the nation’s armed forces.
Iran’s state-affiliated Tasnim news agency reported that the Islamic Revolutionary Guard Corps retaliated by targeting a U.S. air base following an American strike near the Bandar Abbas airport.
Oil futures extended early gains. West Texas Intermediate futures for July were 4.03% higher at $92.25 per barrel as of 12:36 a.m. ET. Brent crude futures for July rose 3.92% to $97.99 per barrel.
Major Asia indexes extended early losses. South Korea’s Kospi was lower by 3.26%, while the small-cap Kosdaq dropped 5.22%.
Japan’s Nikkei 225 fell 1.19%, while the Topix declined 0.81%. Australia’s S&P/ASX 200 was 1.51% lower.
China’s CSI 300 slipped 0.55%, while Hong Kong’s Hang Seng dropped 2.22%.
India’s Nifty 50 was marginally lower, while the BSE Sensex was down 0.19%.
