Asian markets crash up to 5% as US-Iran war deepens
What's the story
Asian stock markets took a major hit on Monday, with Japan's Nikkei 225 and South Korea's Kospi witnessing massive falls of nearly 4% and over 5%, respectively. The main culprit behind this market turmoil is the ongoing conflict in the Middle East, which has been pushing oil prices up and making investors jittery. The situation worsened further when Yemen-based Houthi rebels launched missile attacks on Israel, adding to the region's uncertainty.
Worldwide impact
US troop mobilization, Wall Street dips
The effects of the US-Iran conflict aren't just limited to Asia; global markets are also feeling the heat. The US has stepped up its military presence in the region, mobilizing some 3,500 troops aboard USS Tripoli over the weekend. This development has resulted in a dip on Wall Street too, with Dow Jones falling by 253 points and S&P 500 futures and NASDAQ 100 futures each slipping by 0.5%.
Market outlook
US plans on-ground military operation in Iran
According to a Wall Street Journal report, US President Donald Trump is planning a potential military operation to take control of nearly 1,000 pounds of uranium from Iran. Trump has also hinted at the possibility of taking control of Iran's Kharg Island, the country's main oil export hub. In an interview with the Financial Times, Trump said his "preference would be to take the oil," likening it to earlier US military actions in Venezuela.