On Friday morning (6 March, 9:24 AM, GMT+7, Bangkok time), most major indices in the Asia Pacific decreased, tracking losses seen on Wall Street, as escalating conflict involving Iran weighed on investor confidence and pushed energy prices higher.
The tension intensified after missile and drone attacks by Iran targeted several Gulf states on Thursday. Investors quickly moved out of riskier assets, citing fears of disruptions in the Strait of Hormuz, a crucial shipping route for global energy flows.
Meanwhile, Iranian officials signaled no shift in stance, with the country’s foreign minister stating that Iran is not seeking a ceasefire and remains unwilling to enter negotiations.
Oil prices remained at the forefront of market attention, posting their largest weekly gain since 2022. Authorities in Washington said it is considering various policy measures to address recent increases in oil and gasoline prices linked to the hostilities.
Adding to market worries, legal challenges resurfaced over Trump’s global tariff policies after the U.S. Court of International Trade pointed out that companies were eligible for refunds on specific duties that the Supreme Court had previously invalidated. State attorneys general from 24 states have filed another lawsuit aiming to block the tariff agenda.
Japan’s NIKKEI slid by 0.21% to 55,161.41. South Korea’s KOSPI plummeted by 1.88% to 5,479.11, and Australia’s ASX 200 declined by 1.17% to 8,835.90.
As for stocks in China, Shanghai’s SSEC shrank by 0.09% to 4,104.98. Shenzhen’s SZI dipped by 0.12% to 14,072.57, while Hong Kong’s HSI surged by 0.68% to 25,492.26.
The U.S. stock markets edged down on Thursday as the Dow Jones Industrial Average (DJIA) dropped by 1.61% to 47,954.74. NASDAQ fell by 0.26% to 22,748.98, and S&P 500 lost 0.56% to 6,830.71. VIX jumped by 12.29% to 23.75.
As for commodities, oil prices settled higher on Thursday as Brent crude saw a strong upswing, climbing 4.93% and finishing the session at $85.41 per barrel, a gain of $4.01. Meanwhile, West Texas Intermediate (WTI) experienced an even larger advance, jumping 8.51% or $6.35, to end the day at $81.01 per barrel.
This morning, Brent crude futures lost $1.29, or 1.51%, to $84.12 per barrel, and the WTI declined $1.65, or 2.04%, to $79.36 per barrel.
Meanwhile, gold futures soared by 1.22% to $5,140.80 per Troy ounce.
