Asian markets today: Asian markets slumped on Monday, March 23, with key indices in Japan and South Korea plunging over 5% as the Middle East conflict entered its fourth week.
Japan’s Nikkei 225 fell nearly 5%, extending earlier losses, while the broader Topix declined 4.4%.
South Korea’s benchmark Kospi tumbled more than 6%, and the small-cap Kosdaq dropped around 5%. Trading was briefly halted after the Kospi 200 futures index fell by over 5%.
Australia’s S&P/ASX 200 slipped 2.4% on Monday. Meanwhile, Hong Kong’s Hang Seng Index and the Hang Seng Tech Index both declined nearly 2% at the open.
Back home, is also down 298 points or 1.30% to 22,835, indicating a gap-down start for the Indian benchmark index on Monday.
“Global cues remain decisively weak. Asian markets are witnessing sharp declines, with Japan’s Nikkei 225 plunging nearly -4.63%, while South Korea’s KOSPI has dropped around -5.29%, reflecting intense risk aversion and panic selling across global equities. This reinforces the negative setup for Indian equities and suggests that volatility will remain elevated throughout the session,” said Ponmudi R, CEO of Enrich Money.
US-Iran war update
President Donald Trump on Saturday warned that the US would “obliterate” Iran’s power infrastructure if Tehran did not fully reopen the Strait of Hormuz — a crucial route for global energy supplies — within 48 hours.
Iran responded sharply, cautioning that it would target energy and desalination facilities across the Gulf if Washington follows through on its threat. Parliament Speaker Mohammad Bagher Ghalibaf said any attack on Iran’s power plants would trigger immediate retaliatory strikes on energy and oil infrastructure throughout the region.
On Sunday, Ghalibaf broadened the warning to include holders of US Treasurys, stating that financial institutions investing in American government bonds and effectively funding the US military budget could also be treated as legitimate targets, along with military bases.
“Critical infrastructure and energy and oil infrastructure throughout the region will be considered legitimate targets and irreversibly destroyed, and oil prices will rise for a long time,” Ghalibaf said on X.
Meanwhile, crude oil prices remained relatively steady in early Monday trading. Brent crude edged down 0.25% to $111.97 per barrel, while West Texas Intermediate slipped 0.6% to $97.64 per barrel.
US stock market update
Overnight in the US, futures remained largely unchanged, with the Dow Jones Industrial Average trading flat, while the S&P 500 dipped 0.1% and the Nasdaq Composite futures declined 0.2%.
For the week, all three major indices ended in negative territory. The S&P 500 dropped over 1.5%, slipping below its 200-day moving average for the first time since May. Meanwhile, the Dow recorded its first four-week losing streak since 2023, and both the Dow and the Nasdaq fell by over 2% over the week.
Federal Reserve Chair Jerome Powell highlighted significant uncertainty during Wednesday’s central bank meeting over how the crisis could impact the economy, complicating the Fed’s ability to make forward-looking projections.
(With inputs from agencies)
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.