On Wednesday, Asia-Pacific markets opened lower, influenced by a rocky start to the trading month on Wall Street amid escalating tensions in the Middle East. Notably, Australia’s S&P/ASX 200 dropped 0.2%, Japan’s Nikkei 225 fell 1.5%, and South Korea’s Kospi and small-cap Kosdaq dipped 1% and 0.8%, respectively. Hong Kong’s Hang Seng index futures showed a decline, sitting at 20,768 compared to the previous close of 21,133.68. Meanwhile, markets in Mainland China remain closed for the week due to the Golden Week holiday.
Investor sentiment in Asia was further shaken by data revealing that South Korea’s consumer price index rose by 1.6% in September, falling short of the 1.9% expected by economists surveyed by Reuters.
Overnight in the U.S., the Dow Jones Industrial Average fell over 173 points, while the S&P 500 and Nasdaq Composite decreased by 0.93% and 1.53%, respectively. Concurrently, oil prices surged and the CBOE Volatility Index (.VIX) spiked as geopolitical tensions intensified; Iran launched ballistic missiles at Israel subsequent to Israel initiating a ground operation into Lebanon against Hezbollah.
Israeli Prime Minister Benjamin Netanyahu declared Iran’s attack unsuccessful and promised retaliation. “Iran made a big mistake tonight — and it will pay for it,” Netanyahu asserted, emphasizing Israel’s resolve to defend itself and respond to its adversaries.
—CNBC’s Brian Evans and Alex Harring contributed to this report.
Original Story https://www.cnbc.com/2024/10/01/asia-pacific-stock-markets-update.html
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