Trump Announces Iran Talks Amid Oil Price Plunge
Oil prices plummeted on Monday as US President Donald Trump announced that fresh talks with Iran would begin later in the day. The Strait of Hormuz, a key route for global energy supplies, is expected to be a major point of discussion.
The positive development in the Middle East conflict had little impact on Asian equities, with tech chipmakers SK hynix and Samsung dragging South Korea's Kospi down by around 7% each. The index had reached record-breaking highs just the previous day.
In a surprise move, US and Japanese officials confirmed a joint intervention to prop up the yen, which has been under pressure due to higher US interest rates and rising oil prices. Trump described the intervention as 'a signal of friendship', adding that it would also have a positive impact on the global economy.