Asian stocks today: Asian markets traded mixed on Monday, 29 June, as investors remained focused on the latest developments in the US-Iran war.
Japan’s Nikkei 225 declined 1%, while the broader Topix advanced 0.43%. South Korea’s Kospi fell 3% at the open, whereas the small-cap Kosdaq gained 0.97%. Meanwhile, Australia’s S&P/ASX 200 edged up 0.41%.
What’s driving Asian markets today?
The US launched strikes on Iranian military targets over the weekend in response to Tehran’s attacks along the Strait of Hormuz. Following the strikes, President Donald Trump warned of severe retaliation against Iran, stating in a Truth Social post that the US would “annihilate” the country if hostilities escalated further.
“United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN!” Trump said in the post.
Brent crude surged as much as 1.9% to trade above $73 a barrel before trimming gains to around $72.10. The conflict in the Middle East has intensified since Thursday, with Iran targeting a container ship, a vessel transporting Qatari oil, and military bases in Kuwait and Bahrain, prompting multiple retaliatory strikes by the US.
In Asia, market attention on Monday is centered on South Korea, where Samsung Electronics and SK Group are expected to unveil major investment plans alongside new government policy initiatives. According to Korea Economic Daily, the combined investments by the two conglomerates could exceed $1.3 trillion over the next decade.
Looking ahead, investors will closely monitor the annual gathering of central bankers in Sintra, Portugal, where speakers include Federal Reserve Chair Kevin Warsh. Markets will also track a series of US labour market reports, culminating in the closely watched nonfarm payrolls data, as expectations grow that a resilient economy and persistent inflationary pressures could prompt the Federal Reserve to raise interest rates as early as September.
US stock market today
Wall Street ended the week on a mixed note as investors rotated out of technology stocks and into other sectors of the market.
The S&P 500 and Nasdaq Composite declined nearly 2% and 4.6%, respectively, weighed down by sharp losses in major technology names. Nvidia and Alphabet each fell more than 8%, while Meta Platforms, Apple and Amazon lost over 4% apiece. SpaceX also witnessed a steep 17% decline.
In contrast, the Dow Jones Industrial Average, which has relatively lower exposure to technology stocks, gained 0.6% during the week. Merck and Johnson & Johnson emerged as the top performers in the 30-stock index, advancing 13% and 11.5%, respectively.
The week ahead also marks the close of June trading. As of Friday’s close, the S&P 500 was down 3% for the month, while the Nasdaq had slipped more than 6%. The Dow, however, remained in positive territory with a gain of over 1% for June.
(With inputs from agencies)
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.