Asian stocks took a steep dive on Thursday as escalating hostilities between the U.S. and Iran unnerved investors. The tumult brought down MSCI’s broad Asia-Pacific shares index by 1.5%, and Wall Street’s S&P 500 e-mini futures dipped 0.5%.
Despite Israel and Lebanon agreeing to a ceasefire, market unease persisted, highlighted by a slump in Korean shares reopening 2.6% lower after a holiday break, and Japan’s Nikkei 225 plunging 1.9%. The intensified U.S.-Iran conflict saw S&P 500 drop 0.7% overnight, with oil inching up by 2% amidst the ongoing discourse between Tehran and Washington.
In response to uncertain geopolitical landscapes, the yen gained slightly against the dollar, hinting at potential intervention levels, while the U.S. dollar index maintained strength. This financial turbulence saw Bitcoin falling to four-month lows, further influenced by a strong dollar and rising yields.
(With inputs from agencies.)
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