Asia-Pacific markets sold off sharply on Monday, with major indexes in Japan and South Korea falling as much as 5%, as investors fled risk assets amid escalating conflict in the Middle East that has entered its fourth week.
In Japan, the Nikkei 225 unloaded 1,857.04 points, or 3.5%, to 51,515.49, the first session after a long weekend.
In Hong Kong, the Hang Seng dropped 894.85 points, or 3.5%, to 24,392.47
U.S. President Donald Trump said on Saturday that he would “obliterate” Iran’s power plants if Tehran failed to fully reopen the Strait of Hormuz — a vital artery for global energy flows — within 48 hours
Iran pushed back, threatening to target energy infrastructure and desalination facilities in the Gulf if the U.S. carries out its ultimatum.
Iran’s Parliament speaker Mohammad Bagher Ghalibaf said Saturday that attacks on the country’s power plants would “immediately” be met with retaliatory strikes on energy and oil infrastructure across the region.
In other markets
In Shanghai, the CSI 300 sank 149.02 points, or 3.3%, to 4,418.
In Korea, the Kospi index faltered 375.45 points, or 6.5%, to 5,495.75.
In Singapore, the Straits Times Index dished off 107.57 points, or 2.2%, to 4,841.30.
In Taiwan, the Taiex index lost 821.38 points, or 2.5%, to 32,722.50.
In Australia, the ASX retreated 62.53 points, or 0.7%, to 8,365.92.
In New Zealand, the NZX 50 ditched 90.27 points, or 0.7%, to 12,869.72
