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<Asia> Iran Tensions Escalate; S Korea KOSPI Plunges Over 8%, Triggers Circuit Breaker; Samsung, SK Hynix Slump 8%-9%; Nikkei Falls Over 3%
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US May employment data far exceeded expectations, fueling rising rate hike expectations. Last Fri (5th), the three major US indices tumbled sharply. The DJIA fell nearly 700 points, while chip stocks were heavily sold off. The Nasdaq plunged more than 4%, marking its biggest decline in over a year, and the Philadelphia Semiconductor Index slumped more than 10%. Tensions in the Middle East escalated again. The Israeli military confirmed that Iran launched missiles toward northern Israel. Within less than an hour last night local time (7th), Iran carried out four waves of attacks, firing about 10 missiles in total. The Israeli military said its air defense systems successfully intercepted most of the incoming missiles, with no major casualties reported. This marks Iran’s first direct strike on Israeli territory since the ceasefire in April this year. Israel has made clear it will respond "severely." Asian markets extended losses this morning (8th). The Nikkei 225 fell 3.43%, or 2,286 points, to 64,301. South Korea’s KOSPI dropped 8.4% to 7,477, triggering a circuit breaker and halting trading for 20 minutes. Samsung Electronics and SK Hynix plunged about 9% and 8%, respectively. The Korea Exchange convened an emergency market assessment meeting to evaluate current market volatility and review measures to stabilize market operations. The meeting focused on the sharp decline in US equities and overnight futures movements, and discussed corresponding market management steps. The exchange said it will strengthen contingency mechanisms, closely monitor global market trends, developments in the Middle East and foreign exchange movements, while stepping up surveillance against unfair trading practices and expanding inspections into illegal short-selling activities. US stock futures steadied this morning, with DJIA futures edging down 76 points, or 0.15%, while S&P 500 and Nasdaq futures rose 0.14% and 0.54%, respectively. (mn/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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