BEIJING (dpa-AFX) - Asian stocks tumbled on Thursday as hopes for a potential end to the Middle East conflict faded.
The dollar and bond yields jumped, crude oil prices surged more than 6 percent and gold plunged nearly 3 percent toward $4,600 an ounce after U.S. President Donald Trump spoke about the attacks in a televised address to the nation.
In his rare prime-time speech, Trump said Washington is 'getting very close' to achieving goals and the U.S. will bring Iran 'back to the Stone Ages where they belong' by striking hard in the next two to three weeks.
He gave no clear end date for the Middle East conflict, raising the risk of more extensive damage to energy infrastructure throughout the Gulf.
China's Shanghai Composite index dropped 0.74 percent to 3,919.29 even as pork stocks rose after authorities announced they will soon launch the second batch of central frozen pork reserve purchases.
Hong Kong's Hang Seng index fell 0.70 percent to 25,116.53, extending losses for a second straight session as hopes for an imminent resolution to the Iran conflict dimmed.
Japanese markets tumbled as U.S. President Trump's comments revived inflation concerns and sparked a broad risk-off in the region.
The Nikkei average slumped 2.38 percent to 52,463.27 while the broader Topix index settled 1.61 percent lower at 3,611.67.
Seoul stocks plummeted on concerns that the Iran war would drag on. The Kospi average plunged 4.47 percent to 5,234.05, with market bellwethers Samsung Electronics and SK Hynix falling 6-7 percent.
Program selling was halted temporarily earlier in the day after KOSPI 200 futures fell more than 5 percent.
Australian markets ended lower after Trump vowed more aggressive strikes on Iran. The benchmark S&P/ASX 200 index ended down 1.06 percent at 8,579.50, marking its biggest single-day loss since March 19. The broader All Ordinaries index fell 1.25 percent to 8,774.90.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.59 percent to 12,902.15 after suffering losses in the previous session.
Overnight, U.S. stocks ended mostly higher to extend the previous session's rally on optimism that the Iran war may end soon.
President Trump claimed on Wednesday that Iran's 'New Regime President' had asked Washington for a ceasefire and the U.S. would consider the offer once the Strait of Hormuz open is 'open, free, and clear.'
'Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages, where they belong!!' Trump said.
The latest remarks came after Iran's Revolutionary Guard warned a number of U.S. tech companies with Middle East operations that they'll be considered 'legitimate targets.'
Meanwhile, Tehran said Trump's statement on requesting a ceasefire was false and baseless.
On the data front, U.S. retail sales increased by the most in seven months in February, while private sector employment increased by 62000 jobs in March with annual pay rising 4.5 percent year-over-year, separate reports showed.
The tech-heavy Nasdaq Composite gained 1.2 percent, the S&P 500 added 0.7 percent and the Dow rose half a percent.
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