CANBERA (dpa-AFX) - Asian stocks ended mixed on Monday as markets apparently took the U.S. strikes against nuclear targets in Iran in their stride and waited to see how Iran reacts and what happens to Tehran's nuclear program.
U.S. Defense Secretary Pete Hegseth said Sunday that the strikes had 'devastated the Iranian nuclear program', though some officials cautioned that the extent of the damage was unclear.
Oil prices gave up early gains after rising over 4 percent early in the session in a knee-jerk reaction to the escalating conflict in the region, which began with an Israeli attack against Iran on 13 June.
It remains to be seen whether Iran will close the Strait of Hormuz, through which much of the world's crude passes. Much of East Asia relies heavily on oil imported through the Strait of Hormuz.
Gold edged lower in Asian trade as geopolitical and tariff uncertainties lifted the dollar.
Mainland China and Hong Kong markets reversed initial losses to end higher. China's Shanghai Composite index rose 0.65 percent to 3,381.58 while the Hang Seng index settled 0.67 percent higher at 23,689.13.
Japanese markets trimmed early losses to end slightly lower. The Nikkei average slid 0.13 percent to 38,354.09 and the broader Topix index closed down 0.36 percent at 2,761.18, with a weaker yen helping limit overall losses.
Seoul stocks declined to snap a five-day winning streak. The Kospi average dropped 0.24 percent to 3,014.47 and the won hit a one-month low after the U.S. used B-2 bombers to launch air strikes on three key nuclear sites in Iran on Saturday.
Chip, bio and battery shares led losses, with Samsung Electronics, Samsung Biologics and LG Energy Solution falling 2-4 percent.
Australian markets fell to end near three-week lows, with industrial stocks suffering heavy losses on concerns the Middle East conflict could affect travel and shipping.
The benchmark S&P/ASX 200 dipped 0.36 percent to 8,474.90, extending losses for a fifth straight session. The broader All Ordinaries index ended down 0.41 percent at 8,688.
Adairs plunged 20.5 percent to an over two-month low after the furniture retailer reported a decline in second-half earnings guidance.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped 0.29 percent to 12,532.65.
U.S. stocks fell broadly on Friday as investors reacted to rising Middle East tensions and pondered future rate decisions.
The S&P 500 eased 0.2 percent and the tech-heavy Nasdaq Composite declined half a percent after reports emerged the U.S. may revoke waivers for some semiconductor firms.
The narrower Dow finished marginally higher as Fed Governor Christopher Waller said that he doesn't expect tariffs to boost inflation significantly and that there is room for a rate cut as early as July.
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