- Asian markets mostly declined on Monday amid Middle East tensions and awaited manufacturing data
- Japan's Nikkei 225 fell 0.42%, Australia's S&P/ASX 200 dropped 0.37%, New Zealand's NZX 50 fell 1.19%
- US markets closed lower Friday with Dow down 1.09%, S&P 500 down 1.82%, Nasdaq down 2.86%
Asian markets traded largely lower on Monday, November 2, tracking losses on Wall Street, as investors assessed geopolitical developments in the Middle East and awaited a fresh batch of manufacturing activity data.
Japan's Nikkei 225 and Topix declined 0.42% and 0.53%, respectively, while Australia's S&P/ASX 200 slipped 0.37%. Bucking the trend, South Korea's Kospi traded over 1% higherl, while New Zealand's NZX 50 fell 1.19%, when last checked.
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Investors are now awaiting a slew of final manufacturing Purchasing Managers' Index (PMI) readings from major economies, including India, Australia, the UK and the US, for cues on global economic activity.
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US Markets: Wall Street Ends Week On A Weak Note
US markets ended Friday's session sharply lower, with all three major benchmarks posting losses. The Dow Jones Industrial Average declined 1.09%, while the S&P 500 fell 1.82%. The tech-heavy Nasdaq Composite plunged 2.86%.
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The losses followed a weak week for Wall Street, with technology stocks facing sustained selling pressure as investors reassessed valuations and scrutinised companies linked to the artificial intelligence (AI) infrastructure buildout. Read more.
Oil Prices Today: Brent Crude Retreats Towards $111
Brent crude prices fell towards $111 per barrel on Monday, retreating from four-year highs as investors weighed hopes of a diplomatic breakthrough in the Middle East against the risk of renewed US military action against Iran.
Qatari and Iranian officials continued discussions for a third consecutive day, seeking an agreement to end the US-Israel war on Iran ahead of this week's US midterm elections. However, Tehran has repeatedly warned that any fresh attacks could trigger retaliatory strikes against US and Israeli targets in neighbouring countries.
US President Donald Trump said Washington would refrain from launching fresh attacks on Iran before the elections, adding that negotiations with Tehran were progressing. However, he has not ruled out further military action after the elections.
Meanwhile, OPEC+ agreed over the weekend to maintain its existing oil production targets through December as the group continues to assess global supply and demand conditions.
Developments in US-Iran negotiations, the risk of further escalation in the Middle East and OPEC+'s production policy will remain key drivers for crude oil prices in the near term.
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