US-Iran Sanctions and Trade Tensions Send Global Markets into Turmoil

Investors in Asia held their breath as they awaited details of threatened US sanctions on Iran, which could have far-reaching consequences for global markets. The news led to a decline in share prices, with Brent crude slipping by 1.4% to $93.07 a barrel and US crude easing by 1.6% to $85.64.

The Canadian dollar also took a hit as trade tensions between Canada and the US continued to rise, with Prime Minister Mark Carney announcing that his country would impose tariffs on US steel, dairy, and other products in response to US duties. The loonie slipped against its US counterpart, falling by 0.2% to 1.3790.

Nvidia's upcoming earnings report was also a major focus for investors, with expectations running high that the chipmaker will post revenue of nearly $92 billion and full-year earnings guidance in the range of $103 billion to $105 billion.