Oil Gains on Iran, Global Stocks Reach a One-Month Low – Asia Market Wrap

Global stocks fell to a more than one-month low as the tech-led selloff deepened and the Iran war showed little sign of ending, with oil prices rising.

MSCI’s All Country World Index slid as much as 0.3%, while Asia-Pacific shares dropped to a three-week low after US strikes on Iranian targets effectively collapsed the April ceasefire. Brent rose 1% to around $94 a barrel, adding to inflation and growth concerns.

European shares were set to open lower, though US sentiment stabilized as Nasdaq 100 futures reversed earlier losses to rise 0.8%. Investors remain under pressure from stretched tech valuations, narrow market leadership and a wave of large IPOs testing demand.

Bond markets also stayed in focus, with traders pricing higher borrowing costs globally and the ECB forecast to deliver its first rate hike since September 2023 on Thursday.

Treasuries steadied after Wednesday’s decline, the Dollar weakened against most G-10 peers, and the Yen held near 160.50 per Dollar as BoJ Governor Ueda’s hospitalization is set to keep him out of next week’s policy meeting.