Asia’s stock markets dive amid Iran-Israel conflict, Wall Street jitters

Asian stock markets experienced a significant downturn on Monday, with South Korea's KOSPI index plunging nearly 9 percent. This widespread sell-off, which also affected markets in Japan, Taiwan, and Hong Kong, was driven by renewed conflict between Iran and Israel and growing expectations of interest rate hikes in the United States. Investors unloaded high-priced tech equities, including major chipmakers like Samsung Electronics and SK Hynix. The decline followed a lead from Wall Street, and oil prices saw a notable increase. The situation triggered trading halts in South Korea due to the sharp falls.

Asian shares declined on Monday, mirroring a significant drop on Wall Street, which experienced its worst day since October. This market downturn was attributed to concerns over Big Tech investments and increased likelihood of an interest rate hike. Japan's Nikkei 225 fell 4.5%, with the government revising its first-quarter economic growth rate downward. South Korea's Kospi saw an 8.2% decrease, with major companies like Samsung Electronics experiencing substantial losses. Meanwhile, oil prices surged following Israeli airstrikes on Iran, further straining efforts to end the conflict. U.S. bond yields also rose after a stronger-than-expected jobs report fueled expectations of a Federal Reserve rate increase.