Asian Stocks Weak due to Risks from the Middle East
Asian stocks generally weakened on the 6th as fears escalated in the financial markets as the conflict between the US and Iran escalated.
On the other hand, international oil prices rose due to risks from the Middle East and the price of gold and due to the rising money on safe assets.
Jhe Japanese stock market’s Topix Index and Nikkei 225 Index fell 1.50% and 1.99%, respectively, from the battlefield.
The Hong Kong Hang Seng Index and the Taiwan Trace Index also fell 0.51% and 1.25%.
Korea’s KOSPI fell 0.77% and the KOSDAQ index fell 1.72%.
However, China’s Shanghai Composite and Shenzhen Composite Index rose 0.64% and 1.11%.
Gold spot prices were $ 1,576.65 an ounce on the same day, up 1.58% ($ 24.45) from the battlefield.
Gold once traded at 2.31% ($ 35.87) an ounce, trading at $ 1,588.13, the highest in six years and eight months.
International oil prices are on the rise.
Brent oil for March at the London ICE futures exchange rate rose to $ 70.45, up 2.70% ($ 1.85) per barrel.
Western Texas crude oil (WTI) in February from the New York Mercantile Exchange (NYMEX) is also trading at $ 64.48, up 2.27% ($ 1.43) per barrel.
Sri Parabaikarasu, Asia’s crude oil consultant for energy consulting firm FACTS Global Energy (FGE), told Bloomberg TV: “When Iran retaliates for US air strikes, this leads to a war in the Middle East. It can rise to $ 80. ”