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Asia markets crash as Israel-Iran tension escalates
Asian equities declined as reports surfaced of Israeli air strikes on Iran, prompting a sell-off in stocks and risk assets, while safe-haven assets like gold and the Japanese yen surged.
Taiwan's Weighted Index led losses, plummeting by 3.44%, while Japan's Nikkei initially dropped 3% but later stabilized at 2.4%. Additionally, Topix, Kospi, Kosdaq, and Australia's S&P indices all experienced declines of over 1%.
Meanwhile, gold reached an all-time high, accompanied by a strengthening Japanese yen. Oil prices also surged by over 3%, with Brent crude futures surpassing $90 a barrel before easing to just above $89.
In the United States, the Dow Jones Industrial Average, S&P 500, and Nasdaq all declined by nearly 1%. Netflix shares dropped over 4% in extended trading despite beating earnings expectations, as the company announced it would no longer report paid memberships from 2025.
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