Asian Stocks Slip, Oil Gains on Mideast Jitters – Asia Market Wrap

As geopolitical concerns and uncertainty around interest rates affected mood, Asian shares fell on Friday, following the loss of US stocks.

As gauges in Hong Kong, South Korea, and Australia all declined, the MSCI Asia Pacific Index fell by as much as 1.2%. Japan’s stocks led the fall as the yen rose. Taiwan and the Chinese mainland kept their markets closed for a second day. US stock futures saw a minor increase on Friday following overnight declines in the S&P 500 and Nasdaq 100 indices.

At a security cabinet meeting on Friday, Israeli Prime Minister Benjamin Netanyahu declared that his country will act against Iran and its proxies and will punish anyone who attempt to damage it. This caused Brent crude to rise over $91 per barrel, almost to its highest level since October. During a phone discussion, President Joe Biden informed Netanyahu that US backing for his war will depend on fresh measures to save civilians.