Geopolitical tensions in Iran escalated as the US military said it had launched a new round of strikes against multiple targets in Iran. US May inflation data came in above expectations, heightening rate hike expectations. New York gold futures fell below the USD4,100 mark, last reported at USD4,088 per ounce, down 1.1%. Overnight (10th), the three major US indices declined, with the DJIA closing down 953 points or 1.9%, while the S&P 500 and Nasdaq fell 1.6% and 2%, respectively.

Major Asia-Pacific markets were broadly soft today (11th). Mainland China’s Shanghai and Shenzhen markets fell 0.7% and 1.3% at midday to 3,964 and 14,756, respectively. Hong Kong stocks extended losses after six consecutive declines. The HSI opened 27 points lower, once rebounded 84 points to a peak of 24,492 in early trading, but later reversed sharply, dropping more than 400 points at one stage. It briefly fell below the 24,000 level to an intraday trough of 23,999, hitting a nearly one-year low. At midday, the HSI closed at 24,136, down 271 points or 1.1%, with turnover of HKD155.974 billion. Taiwan’s market fell 375 points or 0.9% to 42,850. TSMC slipped 0.2%, Delta Electronics and MediaTek declined 2% to 2.3%, Hon Hai fell 3%, and Wiwynn dropped 4.3%. Largan Precision bucked the trend, edging up 0.6%.

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Japan’s Nikkei index fell 207 points or 0.3% in the afternoon session to 63,971. Semiconductor and precision electronics stocks outperformed, with Tokyo Electron, Taiyo Yuden, Sumco and Kioxia rising 3.3% to 6.7%. Ajinomoto, which produces semiconductor insulation materials, surged 7.6%. SoftBank and Tokyo Electric Power fell 1.4% and 3%, respectively.

South Korea’s market was volatile, once slumping 4.4% intraday before rebounding from lows. It was last up 23 points or 0.3% at 7,754. Samsung Electronics fell 0.7%, while SK Hynix rose 3.2%. Reports said SK Hynix may issue ADRs in the US as early as August.

Thailand’s SET 50 rose 0.9%, while Singapore stocks edged up 0.1%. Malaysia’s KLCI dipped 0.1%, and the Philippines’ PSEI and Indonesia’s IDX fell 0.6% to 0.7%. Australia’s ASX 200 slipped less than 0.1%, and N Zealand’s NZX 50 dropped nearly 0.5%. Vietnam’s Ho Chi Minh Index and Hanoi Index declined 0.3% to 0.4%. India’s Sensex fell 0.4%, and the Nifty 50 lost 0.3%. (da/a)

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