Asian Markets Plummet Amid Oil Price Surge and Middle East Tensions
Asian markets took a hit on Monday as rising oil prices and Middle East tensions weighed on risk sentiment. U.S. equity futures were already under pressure after President Donald Trump rejected an Iranian peace proposal aimed at ending hostilities in the region.
The Nasdaq 100 futures dropped 0.76%, S&P 500 futures fell 0.39%, and Dow Jones futures slipped 0.42%. WTI crude oil climbed above $93 per barrel, while spot gold fell to around $4,200 an ounce.
South Korea's KOSPI fell 2.55% to around 6,950, while the Japanese Nikkei 225 JPN225 dropped 0.26% to 66,196. China's CSI 300 index fell 1.97% to 3,859, and the Shenzhen Component lost 2.1% to a near two-month low of 13,033.
India's SENSEX fell 1.33% to 72,942, its lowest level since early April. The Bank of Japan's July monetary policy meeting minutes revealed that policymakers agreed it was appropriate to continue raising policy interest rates and gradually reduce monetary accommodation.