South Korea's Kospi clocks best month in 28 years as tech optimism triumphs over Iran war worries
South Korea's Kospi had its best month in 28 years as optimism in the tech sector outweighed concerns about potential military action involving Iran. Regional markets in Japan, Australia, and Hong Kong saw losses, while U.S. futures indicated a mixed performance despite declines in the Dow and S&P 500. Oil prices rose sharply on reports of possible U.S. military plans against Iran and ongoing supply disruptions in the Middle East.
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The Kospi fell 1.38% to 6,598.8, while the small-cap Kosdaq lost 2.29% to 1,192.35.In Australia, the S&P/ASX 200 lost 0.24% to end the trading day at 8,665.8.Japanese markets declined as trading resumed after a holiday. The benchmark Nikkei 225 lost 1.06% to close at 59,284.92 while the Topix fell 1.19% to 3,727.21. Hong Kong's Hang Seng index was down 0.36%, while the CSI 300 added 0.21%.Oil climbed after Axios, citing two sources with knowledge of the matter, reported that the U.S. Central Command was set to present U.S. President Donald Trump plans for possible military action against Iran.Trump had earlier reportedly rejected Tehran's proposal to reopen the Strait of Hormuz, signaling the naval blockade will remain in place until a broader nuclear agreement is reached.
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