Asia-Pacific markets dropped Thursday, reversing earlier gains, as oil spiked following U.S. President Donald Trump’s national address on the Iran war.
Japan’s Nikkei 225 fell 2.38% after Trump’s address, closing at 52,463.27,
Hong Kong’s Hang Seng index fell around 1% in its final hour of trade.
During his 19-minute speech, Trump reiterated that the U.S. objectives in Iran were almost met and said that “we have all the cards” in the conflict. He also said that Washington will hit Iran “extremely hard” over the next two to three weeks.
Early Wednesday stateside, Trump claimed that Iran’s “New Regime President” had asked the U.S. for a ceasefire, a claim that Tehran has denied. Trump added that the U.S. will “consider” the offer only once the Strait of Hormuz was “open, free, and clear,” he said on Truth Social.
Trump previously said he was willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remained closed, according to a report by the Wall Street Journal.
Oil prices spiked following the address, with U.S. crude futures rising 6% to $106.39 and global benchmark Brent gaining 6.7% to $107.97.
CHINA
The CSI 300 index on mainland China lost 1.04% to end the day at 4,478.91.
In other markets
South Korea’s Kospi dropped 4.47% and settled at 5,234.05, leading Asian losses
In Singapore, the Straits Times Index dipped 28.33 points, or 0.6%, to 4,947.50.
In Taiwan, the Taiex index dropped 602.39 points, or 1.8%, to 32,572.43.
In Australia, the ASX lost 92.3 points, or 1.1%, to 8,579.50.
In New Zealand, the NZX 50 regained 76.28 points, or 0.6%, to 12,902.15.
